As Onyxcoin is gaining attention in the cryptocurrency market, an analyst predicts it could soon hit new all-time highs due to developments. Known for its recent growth in price action, XCN has become a major player, challenging the norms in the decentralized finance space.
The analyst behind the Your POP channel on YouTube believes that, based on XCN’s recent performance, we could see the price reach a new all-time high soon.
Recent Market Performance and Catalysts for Growth
Currently, XCN price is around $0.04, the coin has experienced an 800% increase over the past few weeks, making it one of the top gainers in the market. The trading volume has skyrocketed, with a 98% increase in the last week alone and a 1,000% rise in monthly volume, reaching around $1.3 billion.
The analyst believes the major catalyst for this price growth was the resolution of a dispute between XCN and Huobi Exchange, owned by Justin Sun, the creator of TRON. This resolution has restored trust and also institutional interest, evidenced by a 45% increase in open interest in just 24 hours.
Onyxcoin’s technological prowess further supports its price rally. As a decentralized protocol, XCN functions with governance and utility tokens, providing features like gas refunds, staking, and voting rewards. Additionally, a community-driven token burn initiative has been implemented, reducing the supply of coins in circulation and fostering a long-term holding strategy among investors.
Market Position and Future Outlook
XCN is establishing itself as a competitive layer-one blockchain protocol, attracting both retail and institutional investors. Despite the confusion with JP Morgan’s Onyx Blockchain, which has no direct affiliation, there’s speculation about future integration possibilities that could further elevate XCN’s utility and value.
A significant governance change, OIP-51, has integrated Justin Sun and HTX into the DAO, with a two-year lock mechanism for vested tokens. This mechanism ensures price stability by preventing major sell-offs from large holders, which adds another layer of confidence for investors.
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The Analyst is optimistic, suggesting that XCN price could revisit its previous all-time high of $0.18 in the short term, representing a 4–5x increase from its current price. In a more bullish scenario, with sustained positive market conditions, XCN price might enter a phase of price discovery, potentially reaching $1.00 in the long term.
