The Onyxcoin price recorded an increase of over 116% following strong accumulation by recent investors at the start of this year. According to analyst Aaryamann Shrivastava, this bullish trend has managed to regain lost ground through a massive buying impulse recently in the last few days. The digital asset has returned to a position near the 0.0100 dollar mark after months of constant weakness.
On the other hand, data provided by Glassnode reveals that addresses that recently acquired the asset control the supply quite significantly. This group of investors has gone from owning 19% to 37% of the tokens in circulation during this month. This rotation of supply toward much younger hands usually amplifies price movements in a fairly accelerated manner across the board.
Likewise, this phenomenon reflects a renewed speculative interest in low market cap assets within the popular sector of cryptocurrencies. This rapid absorption of supply by new participants represents a major recovery milestone for the Onyx project today. However, the dependence on short-term capital could increase volatility levels if investor sentiment changes suddenly in the near future.
Short-term holder dominance marks the current path for the token
Despite the strength shown in the recent bullish rally of the asset, momentum indicators suggest that one should act with caution now. The MVRV long/short difference shows that recent holders dominate the circulating supply of the network at this moment. Therefore, these users hold quite significant unrealized gains in the current market, which constitutes a relevant risk factor for all.
Historically, such market conditions usually precede massive profit-taking behavior by individual retail investors in the crypto space. Many of the users who accumulated at the end of 2025 are now in a favorable profitability position against the support levels. Consequently, speculators seek to secure their profits before a cooling of the bullish trend that we have observed lately.
Will XCN be able to overcome the 0.0100 dollar psychological resistance soon?
Currently, the token trades near 0.0090 dollars while trying to remain steady above the 0.0088 dollar support level. Achieving stability at this point is essential to preserve the bullish structure that has formed recently on the charts. Otherwise, a break below this zone would weaken general confidence and could push the value toward much lower support levels for the asset.
Nevertheless, an optimistic alternative exists if selling pressure remains limited during the upcoming weeks of active trading sessions. If holders decide not to liquidate their positions, the asset could regain the necessary momentum to rise further soon. A definitive breakout above 0.0095 dollars would open the way toward the expected psychological target of 0.0108 dollars for all interested investors.
