Onyxcoin (XCN) saw large holders add roughly 290 million XCN — about $2.6 million — during a post-correction dip, a move that market observers said sharpened a bullish case for the token. The accumulation followed a 36% correction from a local high of $0.0130 on jan 6.
On the daily chart XCN settled into what analysts described as a bullish flag after the sharp pullback that began on 6 de ene. de 2026. Momentum indicators and moving averages added context to that view: the 20-day EMA trended higher toward the 100-day EMA, and the price hovered near the 200-day EMA — a level that previously accelerated gains once reclaimed.
Two nearby thresholds define the immediate path. Holding above roughly $0.0090 would preserve the bullish structure; a clean daily close above $0.0095 would be interpreted as a technical breakout and, by the pattern’s measured move, could project an upside near a 218% extension toward retesting the recent high around $0.0130. Conversely, losing support at $0.0083 would weaken the flag and a sustained breach below $0.0069 would likely invalidate the bullish thesis.
The combination of concentrated buying and reduced supply on exchanges has placed XCN at a technical crossroads: traders are watching a narrow set of price levels that will likely decide whether consolidation becomes a breakout or a failed flag.
On-chain flows and whale behaviour
On-chain metrics showed wallets classified as large holders increased combined balances from about 42.26 billion XCN to roughly 42.55 billion XCN during the consolidation, reflecting the ~290 million-token accumulation. Santiment-style flow indicators and exchange-tracking data revealed a dramatic decline in tokens moving to exchanges: inflows fell from approximately 1.53 billion XCN at the January peak to near 51 million XCN, a near 97% drop.
That shift produced a tighter supply available to markets. Market commentators noted the timing — accumulation occurred during the pullback rather than during the rally — which suggested whales were buying the dip rather than exiting positions.
Market participants should treat the current setup as conditional: the pattern favors continuation while price sustains key EMAs and above-support, but a loss of structure could rapidly swing sentiment.
Investors are now focused on how XCN reacts at the $0.0090–$0.0095 zone and whether the diminished exchange supply translates into meaningful buying pressure. A daily close above $0.0095 would increase the odds of a rapid re-test of prior highs, while failure to hold critical supports would force a reassessment of the bullish narrative and risk profile.
