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"Whales Accumulate 368M XCN, Altcoin Stuck in Downtrend"

Coin WorldSunday, Mar 2, 2025 8:50 am ET
1min read

Onyxcoin Fails Breakout Despite Whales Accumulating 368 Million XCN

Onyxcoin (XCN) has been struggling to break its downtrend for over a month, despite a notable surge in whale activity. While whales have been accumulating XCN in large quantities, the lack of broader bullish market cues has prevented a significant price reversal. The altcoin continues to face downward pressure.

Whale investors holding between 10 million and 100 million XCN have been actively accumulating the token. Over the past three days, these investors have purchased over 368 million XCN, valued at $5.6 million. This shows that whale investors are confident in Onyxcoin’s eventual price recovery, accumulating at lower prices to capitalize on future gains.

The large-scale purchases demonstrate investor optimism, even as the broader market remains relatively bearish. The whales’ actions suggest that they believe the altcoin’s price will rise once the market sentiment shifts, but for now, the general investor sentiment appears mixed.

Onyxcoin’s network growth, an indicator of new addresses and transactions, is currently at a six-week low. This suggests a decline in new users and investors, pointing to Onyxcoin losing traction in the broader crypto market.

The current lack of network activity is a concern, as it signals that new entrants are not interested in purchasing or using the token at present. The stagnation in network growth implies that while whales remain confident in XCN’s future, the altcoin is struggling to attract fresh retail investors. Without an influx of new investors, Onyxcoin faces challenges in sustaining momentum and reversing the downtrend.

At the time of writing, Onyxcoin’s price stands at $0.0152, with the altcoin stuck below its trend line for the past month. Despite multiple attempts to break out of this downtrend, XCN has yet to succeed. The resistance at $0.0150 continues to hold firm, creating a barrier to any significant price gains.

The recent whale activity could be a key factor in determining whether Onyxcoin can reverse its current trend. A successful breach of the trend line, particularly if $0.0182 is flipped into support, could push the altcoin towards $0.0237. If investor confidence strengthened, this would mark a

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MCU_historian
03/02
I'm holding a small XCN bag. Not going large till I see retail hype kick in.
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Fidler_2K
03/02
Whales loading up on XCN, but retail's meh. Gotta wait for the herd to join the party.
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Puginator
03/02
@Fidler_2K Retail's apathy might change if XCN breaks the trend.
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Smart-Material-4832
03/02
Network growth at a low. New blood ain't biting. Tough road ahead for XCN.
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MirthandMystery
03/02
@Smart-Material-4832 True, new users seem unimpressed.
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neurologique
03/02
Holding XCN long-term, whales' moves give me confidence.
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PunchTornado
03/02
Whales stacking XCN, but retail's still sleeping on it.
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DanielBeuthner
03/02
@PunchTornado Retail's sleeping, but whales are betting.
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DrMoveit
03/02
Resistance at $0.0150 is a brick wall. Who's got the key? 🚪
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JSOAN321
03/02
@DrMoveit Guess it's a HODL situation. 🚀
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psycho_psymantics
03/02
Altcoin blues. XCN needs a PR event or a massive whale pump to go YOLO.
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hey_its_meeee
03/02
@psycho_psymantics Maybe XCN just needs a moonshot meme to go viral. Who needs fundamentals when you have internet hype, right?
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breakyourteethnow
03/02
XCN's downtrend feels like a never-ending rollercoaster ride.
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PunchTornado
03/02
Onyxcoin whales stacking XCN like it's going outta style, but where's the retail hype? 🚀🤔
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CarterUdy02
03/02
Onyxcoin can't break trend. Is it a bull trap with whales doing the tango?
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maximalsimplicity
03/02
368M XCN bought, yet price stagnant. Are we missing a catalyst or just patience? 🤔
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Terrible_Onions
03/02
Gotta love when whales do the heavy lifting. 🚀
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vannucker
03/02
Altcoin market is a desert, XCN needs oasis 🌴
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magenta_placenta
03/02
$XCN stuck, but those whales got diamond hands. Maybe patience pays?
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