Is Onyxcoin Dead? XCN Price Crashes, Here’s The Best Alternative to Buy

We talked many times about that XCN price pump in January where it did 18x. However, Onyxcoin's token entered a downtrend

We've spoken many times about how Onyxcoin's token (XCN) went up 18x in January. Entering the year at $0.005, it reached a local high of $0.036 before encountering strong selling pressure.

However, despite the initial price action, XCN has since been sliding in a downtrend, currently trading around $0.011. This price point represents a dramatic 69.4% drop from January's high and shows just how severe this correction has been for Onyxcoin holders.

On the other hand, Solaxy's presale continues to heat up, already raising over $27.4 million for its SOLX token. This innovative project serves as a layer-2 solution for Solana, drawing interesting parallels to Ethereum's recent 'Pepe Unchained' layer-2 which saw its price multiply by 8x after a successful presale.

Several crypto media platforms have also included SOLX among their top recommendations for the current market environment, further highlighting the rising interest in this project.

As we move into the final stages of the presale, let's take a closer look at what's affecting the XCN price and why SOLX might be a better investment opportunity right now.

XCN price analysis: will the downtrend continue?

On a weekly timeframe, technical indicators present a rather bleak picture for XCN's future. The RSI(14) at 50.999 places the token in neutral territory, failing to show any significant bullish momentum needed for a recovery. This suggests that even though the sellers are not completely in control, market sentiment remains rather pessimistic.

The ADX(14) at 52.904 indicates that a strong trend is in place, and unfortunately for XCN holders, this trend continues to be downward. Combining this indicator with the ATR(14) of 0.0089, we can observe that volatility has decreased recently, which might be a sign that the market is accepting the lower price levels as the new norm.

The Ultimate Oscillator at 43.43 also contributes to the bearish outlook as it's below the 50 threshold, which usually separates bullish from bearish momentum. Finally, the negative value of the Bull/Bear Power(13) at -0.0035 confirms that sellers still have more power despite the already huge price drop.

Based on these indicators, it seems that XCN faces serious challenges in the coming weeks. The critical support level to watch is $0.010, which appears to be increasingly vulnerable. If this level breaks, we could see the XCN price sliding further towards the $0.008 range or possibly lower.

However, if the support holds and we see a bounce, we'll need to see substantial improvement in the technical indicators, particularly with the RSI moving decisively above 60, for the pressure to shift from sellers to buyers. Only then would the potential for a sustained upward trend emerge.

Why Solaxy might be a better buy than XCN

Solaxy's native token SOLX is one of the hottest presales right now, already raising over $27.4 million. The project serves as a layer-2 solution for Solana, drawing interesting parallels to Ethereum's recent 'Pepe Unchained' layer-2 which saw its price multiply by 8x after a successful presale.

Several crypto media platforms like Cryptoninja have also included SOLX among their top recommendations for the current market environment, highlighting the growing attention from the broader crypto community.

If you're unfamiliar, Solaxy is building a Layer 2 blockchain to fix problems like slow transactions and network congestion that affect Solana. If you were trading on Solana this bull run, you're sure to have encountered these issues firsthand. It's also going to connect Solana and Ethereum, so users can easily move their assets between two of the most popular crypto networks.

This makes transactions faster and more secure while keeping the network decentralized. In essence, Solaxy takes the best parts of Solana—speed and low transaction fees—and combines them with Ethereum's robust ecosystem and smart contract capabilities.

The system handles most transactions on its Layer 2 network instead of on Solana's main blockchain, which means faster transactions and lower fees for everyone. Users can also move their assets between Solana and Ethereum without needing to go through complicated steps, enjoying the benefits of both networks without any hassle.

Moreover, Solaxy uses special monitoring tools to spot problems before they affect users, keeping the network running smoothly even when many people are using it at once. For security, it combines protection features from both Solana and Ethereum, creating a safer environment for all users' assets.

Finally, the project lets users stake their tokens to earn rewards while helping secure the network. Stakers would also be responsible for verifying transactions and protecting the system, making