Onyxcoin (XCN) has taken the crypto market by storm in early 2025, skyrocketing by 1,500% in January alone. After spending most of 2024 in a slump while other altcoins rallied, XCN has now become one of the best-performing cryptocurrencies of the year. With no major resistance until its all-time high of $0.182, many traders are wondering: Can XCN sustain this rally, or is a correction coming?
XCN Breaks Out After Long Consolidation
XCN hit rock bottom in October 2023, dropping to an all-time low of $0.00071. However, in February 2024, the token broke out of a 640-day descending resistance trend line, signaling the end of its correction. After briefly retesting lower levels, XCN started gaining momentum in November 2024, which carried into 2025 with an explosive rally.
January’s parabolic surge pushed XCN to $0.049, its highest price since 2022. Unlike many other altcoins that faced pullbacks, XCN has not retraced since the uptrend began. Technical indicators remain bullish, with no visible weakness in the RSI or MACD, suggesting that the momentum is still strong.
What’s Fueling XCN’s Growth?
Several key developments have fueled XCN’s price explosion:
Jan. 15: The Onyx team announced the Open Index Protocol (OIP) to incentivize Onyx Core node operators, attracting new interest. Jan. 22: A dispute between Onyx and Huobi & Tron founder Justin Sun was resolved, leading to XCN staking. Although a proposal to add Sun to Onyx DAO failed, the resolution boosted confidence in the project. Jan. 26: The Onyx DAO teased a major upcoming announcement on Feb. 3, promising one of the most significant updates in XCN’s history, including a new blockchain and the Onyx XCN Ledger. Jan. 28: Kraken introduced XCN futures with up to 20x leverage, increasing market speculation and fueling trading volume.
With these fundamental catalysts, XCN has gained major traction among traders and investors, pushing its price to multi-year highs.
Will XCN Reach a New All-Time High?
XCN currently has no major resistance until $0.182, which is still 500% above its current level. However, technical analysis suggests that a short-term correction could be on the horizon.
Wave Count Analysis: A Brief Pullback Before the Next Leg Up?
Market analysts suggest that XCN is currently in wave three of a five-wave Elliott Wave cycle, which started from the September 2023 lows. Wave three has extended massively (4.61x wave one), hinting that a short pullback (wave four) might be due before another surge.
If XCN enters wave four, the price could temporarily correct to the $0.026 – $0.032 range before continuing upward. If wave five mirrors wave three’s extension, XCN could make a strong push toward a new all-time high.
Despite a possible short-term pullback, the long-term outlook remains bullish, especially with strong fundamentals and upcoming announcements from Onyx DAO.
Final Thoughts: XCN’s Road Ahead
XCN’s 1,500% rally in January has made it one of the most exciting cryptocurrencies of 2025. With no major resistance ahead, a strong technical setup, and bullish developments on the horizon, it has the potential to continue its upward trajectory.
However, traders should watch for potential short-term corrections, especially after such a rapid surge. A healthy consolidation could set the stage for another rally, possibly taking XCN toward new record highs.
