Onyx (XCN) has posted the strongest gains among small-cap tokens since the start of the year, rising more than 116% to around $0.01 and erasing months of weakness. The sharp rebound signals renewed speculative interest and aggressive accumulation, even as profit-taking risk rises among short-term holders.
On-chain HODL waves show a notable shift in holder distribution, with addresses that acquired XCN in the last one to three months now owning roughly 37% of the circulating supply, up from about 19% earlier this month. This rapid accumulation reflects strong demand from new entrants.
Momentum indicators remain cautionary despite the rally, with the MVRV long-short difference around minus 64.9% indicating profits remain concentrated among short-term holders and selling could intensify. Near-term dynamics suggest the risk of a pullback if selling accelerates. XCN is trading around $0.0090, above the $0.0088 support; a decisive break above $0.0095 could open room toward $0.0100 and $0.0108, potentially validating a bullish setup.
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