Onyxcoin (XCN) is back in the spotlight today after jumping more than 7% in price, making it the top-performing token in the market. At writing, XCN price is trading around $0.01991. But here’s the twist: while the price is climbing, trading volume is down by 38%. That’s raised a few eyebrows, and the crypto community is buzzing with theories about what’s really behind the move.
On X (formerly Twitter), some well-followed accounts have been weighing in. One user, OXE, pointed out that millions of dollars have been flowing into XCN. They also reminded their followers that Chain’s Goliath Layer 1 mainnet, powered by XCN, is still set to launch this quarter, which could be a key driver behind the price action.
If you haven't noticed, millions of dollars have been pouring into $XCN.
— OXE (@theliteralbosss) May 18, 2025
Remember that Chain's Layer 1 Goliath Mainnet powered by $XCN comes out this quarter. (Read my previous posts if you're still retarded and don't know that $XCN is Chain's token.)
Anyway, every day Joe…
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Meanwhile, market analyst Jinxf flagged some wild volume spikes in the past couple of days and hinted that something big might be on the horizon. They floated the idea of a possible Binance listing, suggesting that insiders might already be acting on it.
Anyone following $XCN will know about the recent (over the last 2 days) insane volume spikes.
— Jinx (@Jinx_Yxurself) May 18, 2025
My thoughts on the spikes was some bullish news to come out of the @OnyxDAO team.
Could the recent volume spikes be that the powers that be know $XCN will be listed on @binance? https://t.co/Md88MvYbYW
Another post from Bank Corrupt on CoinMarketCap highlighted a major volume jump on Coinbase, from $25 million to over $600 million in just two weeks. That post also mentioned a few upcoming developments like sXCN, a liquid staking feature, and OIP-56, which would bring gas-free governance voting to the table.
All these clues are adding up to a growing sense that something is brewing for XCN, and traders are starting to take notice.
What you'll learn 👉
Technical Indicators Show Consolidation Pattern For XCN Price
According to recent chart analysis, XCN has been trading inside a symmetrical triangle following a strong breakout in early April. This pattern typically reflects market indecision, with Onyxcoin price compressing between two converging trendlines. A breakout above $0.0215 could open the door to $0.025 and potentially higher levels.
The token also remains above its 50-day Simple Moving Average (SMA), around $0.01658, which has flipped from resistance to support. The RSI sits at 53.96, reflecting a neutral momentum, while the price continues to trade just below the upper resistance of the wedge.
Development Roadmap Remains a Key Focus
The XCN ecosystem is expected to introduce several updates soon. Among them is the launch of the Goliath mainnet, a strategic step toward expanding utility and performance. Other features in development include a liquid staking mechanism and enhanced governance features, designed to increase network participation.
While official confirmation is still pending regarding any exchange listings, speculation around a potential Binance spot listing is circulating widely. Traders and observers are watching these developments for further confirmation that could influence future price movements.
For now, the market is watching closely to see if XCN price can break above the current resistance range between $0.021 and $0.0225. Failure to do so may lead to a retest of the support zone near $0.0165. Price behavior around these levels may determine the next major move for the token.
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