Onyxcoin (XCN) has staged a dramatic rally, surging over 22% in 24 hours and more than 100% over the past week, decisively breaking a long-standing descending trendline that dominated its price action throughout most of 2025. The move signals a potential structural shift for the token, which rebounded from a critical demand zone between $0.0041 and $0.0043.
The breakout was accompanied by explosive trading activity. Derivatives volume exploded by nearly 400% to $8.16 million, while Open Interest—a measure of outstanding leveraged positions—expanded by over 61% to roughly $3.1 million. This alignment of rising price and rising Open Interest indicates fresh leveraged positioning rather than mere short covering. However, this leverage introduces fragility, making the price sensitive to pullbacks.
Technical indicators support the bullish momentum. The Relative Strength Index (RSI) surged into the upper-60s, and On-Balance Volume (OBV) broke above its own downtrend, suggesting buyer conviction. Furthermore, the Chaikin Money Flow (CMF) indicator showed capital was flowing into XCN even during the prior downtrend, indicating underlying accumulation.
The market now faces a critical test near the $0.0095 resistance level. A clean break above this zone could open the path toward $0.0110, representing an additional 21% upside. On the downside, holding above the $0.0084 support is crucial to maintain the bullish structure. Despite the strong price action, the OI-Weighted Funding Rate remained deeply negative at -0.21%, revealing persistent short positioning that could fuel further upside via short squeezes but also increases volatility.
Spot market data showed a mild net inflow of $327K, suggesting some profit-taking is occurring after the sharp rally. Analysts note that while the breakout is structurally valid, sustained upward momentum will require stronger spot-led demand to complement the current leverage-driven activity.
