The Onyx DAO announced on Friday the resolution of an unrelated XCN issue with HTX Global and Justin Sun.
The rise of the XCN token is heavily bolstered by the rising adoption of DeFi protocols from institutional investors and retail traders.
As the wider cryptocurrency market, led by Bitcoin , continued in horizontal or bearish consolidation, Onyxcoin (XCN), a decentralized governance and utility token for Onyx protocol, registered palpable gains in the recent past. According to the latest market data, price gained over 800 percent in the past two weeks to reach a two-year high of about $0.0293.
The mid-cap altcoin, with a fully diluted valuation of about $1.1 billion, registered a rise of around 270 percent in the 24-hour average trading volume to hover about $1.4 billion, on Friday, January 24, during the mid-New York session.
Major Factors Influencing the Recent XCN Price Rally
The notable rise of XCN price in the past two weeks is heavily influenced by several positive fundamentals, including rising demand from speculative traders. On the top list, the total XCN Futures Open Interest (OI) surged over 24 percent in the past 24 hours to hover about $20.7 million, especially on the Bybit exchange.
The rising demand for XCN was heavily influenced by the announcement that the Onyx DAO has resolved a long-standing issue with HTX Global and Justin Sun. The 2022 issue between Onyx DAO and Sun businesses resulted in OIP-51 being deployed to grant HTX exchange market support for XCN.
.@OnyxDAO is thrilled to announce the resolution of an unrelated XCN issue with @HTX_Global and @justinsuntron for a matter from 2022. OIP-51 will be deployed to grant HTX market support for $XCN
It was confirmed that the recent statements made did not relate to any recent…
— Onyx (@OnyxDAO) January 24, 2025
. is thrilled to announce the resolution of an unrelated XCN issue with and for a matter from 2022. OIP-51 will be deployed to grant HTX market support for
It was confirmed that the recent statements made did not relate to any recent…
— Onyx (@OnyxDAO)
As a result, HTX exchange and Sun will be involved in XCN staking and governance with the OIP-51 proposal.
As Coinspeaker recently reported, the XCN token has gained significant support from crypto traders due to the growing demand for the Onyx Protocol to enable mainstream staking and farming.
Already backed by top crypto exchanges through listings, led by Coinbase Global Inc (NASDAQ: COIN), XCN’s trading perception has shifted to reality. Moreover, the Donald Trump administration has made several moves geared toward enabling the mainstream adoption of digital assets and Web3 protocols.
Midterm Target
With the rising bullish sentiment for XCN, the altcoin is well-positioned to register more gains in the near term. Moreover, XCN price recently broke out of a macro cup and handle pattern, which is often followed by a major uptrend following a consistent breakout.
For the first time, XCN’s weekly Relative Strength Index (RSI) has surged above the crucial milestone of 70 percent, signaling the bullish has the higher ground. The highly liquid altcoin is, however, facing short-term correction as the leveraged market cools down.
In the 1-hour time frame, XCN price has been forming a potential head and shoulder pattern in the past two days, coupled with a bearish sentiment on the RSI. In case the short-term bearish perception becomes a reality to more traders, XCN price will likely experience a 30 percent correction towards the support level of around $0.0166.
