Onyxcoin's price remains one of the strongest this month, but recent fluctuations tell a more nuanced story. XCN is still up nearly 97% over the past seven days, but this gain hides a sharp correction. Since January 6, the token has dropped by about 36%, after briefly touching $0.0130.

This retracement has not compromised the structure. On the contrary, the XCN price is now consolidating within a bullish flag after recovering over 4% day-on-day, while large holders are stepping in and selling pressure is easing. The key question is whether XCN will be able to trigger the explosive breakout it has been seeking for some time.

The bullish flag holds as key signals emerge

In the daily chart, Onyxcoin is consolidating within a classic bull flag. A bull flag forms after a strong vertical move, followed by a period of congestion sloping downward, allowing the price to cool down without undermining the underlying trend. Currently, XCN is trading near the upper boundary of this flag, indicating that buying pressure is building.

A breakout above the key resistance at $0.0095 could trigger a 218% rise—the expected move measured from the flag's pole.

Want more analysis on tokens like this? Subscribe to the daily crypto newsletter by Editor Harsh Notariya here.

Moving averages provide additional context. An Exponential Moving Average, or EMA, gives more weight to recent prices and helps track short-term trend changes. Onyxcoin's 20-day EMA is now rising toward the 100-day EMA, signaling a potential bullish crossover if momentum holds.

The 200-day EMA is particularly significant here. During the previous bull run starting late December, XCN accelerated once the price reclaimed this long-term trend line. The price is now near that level again. A decisive break above the 200-day EMA would strengthen the breakout case from the flag and confirm that buyers remain in control.

So far, the price has not compromised the bullish pattern despite the 36% drop starting January 6. It appears to be consolidation, not rejection.

Whale accumulation grows while selling pressure decreases

On-chain data confirms the bullish scenario.

After XCN's price correction on January 6, whales began accumulating. Wallets holding large amounts of Onyxcoin increased their total balance from about 42.26 billion XCN to around 42.55 billion XCN. This represents nearly 290 million additional XCN tokens accumulated during the consolidation phase.

At current prices, this accumulation represents about $2.6 million in buying pressure. Even more importantly, it began precisely when the price was retracing, suggesting whales bought during the decline rather than exiting strong positions.

Exchange data supports this view. Inflows to exchanges—tracking the number of tokens sent to exchanges and often signaling selling intentions—peaked on January 6. That peak coincided with the price drop. Since then, exchange inflows have plummeted from about 1.53 billion XCN to roughly 51 million XCN, a decrease close to 97%.

This sharp drop signals that selling pressure has been exhausted. Fewer tokens are reaching exchanges, and more supply remains off-market. When combined with whale accumulation, this creates a scarcity scenario that favors continuation of the uptrend rather than a breakdown.

Key price levels for Onyxcoin that determine the breakout

The first key price level for Onyxcoin to watch is $0.0090, very close to the 200-day EMA. Staying above this level preserves the bullish structure and increases the likelihood of a breakout.

The true activation zone is near $0.0095. A daily close above this level would confirm the breakout from the flag's upper line. In that case, the price could retest $0.0130, the recent local high and first major resistance.

On the downside, $0.0083 represents the key support. Losing this level would weaken the flag structure and suggest that consolidation is failing. Below this point, $0.0069 becomes critical. A sustained move below this zone would completely invalidate the bullish setup.

For now, Onyxcoin remains balanced. The XCN price is consolidating, whales are accumulating, and selling pressure has drastically cooled down. Whether this turns into a bullish explosion will depend on how Onyxcoin's price reacts near the flag's resistance and long-term moving averages.