Onyxcoin (XCN) is down 19% in the last seven days and over 35% in the past 30 days, reflecting strong bearish momentum. Its market cap reached $1.4 billion on January 26 but has since dropped to $572 million.

Despite a brief recovery, its RSI has now fallen to 41.8, signaling weakened buying interest. With the ADX at 25.2 confirming a strong downtrend, XCN faces critical support at $0.014, while a potential reversal could target resistance at $0.0229 and beyond if bullish momentum returns.

Onyxcoin RSI Is Down After Reaching 55

XCN’s RSI is currently at 41.8, after rising from 29.6 two days ago to 55.4 yesterday, indicating increased volatility in market momentum. RSI, or Relative Strength Index, is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100.

An RSI above 70 suggests an asset is overbought, indicating potential selling pressure. Meanwhile, an RSI below 30 suggests it is oversold, potentially signaling buying opportunities. An RSI between 30 and 70 is generally considered neutral, reflecting normal market fluctuations.

XCN’s RSI dropping from 55.4 to 41.8 after a sharp rise from 29.6 indicates a shift from bullish to bearish sentiment. This decline suggests that buying momentum has weakened, increasing selling pressure. If the RSI continues to fall toward 30, the altcoin could face further downward movement.

However, if the RSI stabilizes above 40, it could indicate consolidation before the next price move.

XCN ADX Shows the Downtrend Is Still Strong

XCN’s ADX is currently at 25.2, rising from 13.9 three days ago and peaking at 27 a few hours ago, indicating a strengthening trend. The Average Directional Index (ADX) measures the strength of a trend without indicating its direction, ranging from 0 to 100.

An ADX below 20 suggests a weak or non-existent trend, while a value above 25 indicates a strong trend. A rising ADX confirms increasing trend strength, regardless of whether the price is moving up or down.

With XCN currently in a downtrend, an ADX of 25.2 indicates that selling pressure is still strong, potentially leading to further price declines. If the ADX keeps above 25, it would confirm the downtrend’s momentum.

Conversely, if the ADX starts to decline, it could indicate weakening bearish pressure and the possibility of consolidation. The current ADX level signals caution, as the downtrend shows no signs of reversal yet.

Can Onyxcoin Recover The Good Momentum From The End of January?

If the downtrend continues, XCN could test the support at $0.014, a critical level that could determine its next move.

A break below this support would indicate increased selling pressure, potentially pushing Onyxcoin price below $0.010 for the first time since mid-January.

Conversely, if the trend reverses, XCN could test the resistance at $0.0229. Breaking above this level could trigger buying interest, pushing the price towards $0.0339 and potentially $0.040.

If XCN can regain the strong uptrend it experienced at the end of January, when it was one of the most trending altcoins in the market, it could reach levels around $0.049.

The crypto market has resumed its downtrend, shedding $40 billion in market capitalization over the past 24 hours. 

Amid the broader sell-off, some altcoins have stood out as the most searched assets over the past day. They include Solana (SOL), Berachain (BERA), and Shadow (SHADOW). 

Solana (SOL)

Solana is a trending altcoin, extending its price decline for another consecutive day. Trading at a year-to-date low of $158.88 at press time, SOL price is down almost 10% in the past 24 hours. 

SOL’s decline has pushed its price below a long-term ascending parallel channel for the first time since June 2023. This channel forms when an asset’s price consistently moves between two upward-sloping parallel trendlines, signaling a buy trend.

However, SOL’s break below this pattern confirms rising selling pressure, potentially leading to further declines if the asset fails to reclaim the channel. In this scenario, the altcoin’s price could drop to $136.62.

Conversely, if coin accumulation resumes, it could drive SOL’s value up to $220.58.

Berachain (BERA)

Layer-1 (L1) coin BERA is another asset trending today. As of this writing, it trades at $6.94, down 5% over the past 24 hours. 

However, a look at its performance on an hourly chart reveals a steady uptick in BERA’s demand, hinting at a potential rebound in the near term. For example, its Relative Strength Index (RSI) has broken above the center line and is in an upward trend at press time. 

This indicator measures an asset’s oversold and overbought market conditions. When set up this way, it signals a potential shift toward stronger buying pressure. This suggests that BERA buyers are gaining control, increasing the likelihood of a price rebound. In this case, BERA’s price could climb to $8.62 and rally toward its all-time high of $15.50.

On the other hand, if the decline continues, the coin’s price could fall to $5.44.

Shadow (SHADOW)

SHADOW has bucked the broader market trend, climbing by 34% over the past day. It trades at $160.27 at press time and is poised to extend these gains.

The token’s rising on-balance volume (OBV) on its hourly chart supports this bullish outlook. This momentum indicator measures an asset’s cumulative buying and selling pressure by adding volume on up days and subtracting volume on down days. 

When it climbs, it indicates strong buying interest. This suggests that SHADOW’s price may continue to rise as demand increases. If this happens, it could break above the resistance at $162.44 to reach $210.55.

However, SHADOW could lose recent gains and fall to $132.68 if demand stalls. 

This week in crypto, several major events are set to capture the attention of industry participants. Among the top stories include a massive Solana unlock, the debut of Aave on Sonic Layer-1 (L1), and the KernelDAO token launch.

Each of these events promises significant developments across their respective ecosystems. They offer insights and potential growth opportunities, which forward-looking traders and investors are likely to capitalize on.

$1.9 Billion Solana Unlock

This week’s key highlight is the unlocking of $1.9 billion worth of Solana (SOL) on March 1. Specifically, roughly 11.2 million SOL tokens will be released, representing about 2.2% of Solana’s current circulating supply (around 488 million SOL).

This event is tied to the FTX bankruptcy estate. The tokens stem from FTX’s liquidation process, where the bankrupt exchange previously sold locked SOL at discounted rates of around $64 to $102 per token to big players like Galaxy Digital, Pantera Capital, and others.

As of this writing, SOL is trading for around $158.91, so these institutional buyers are sitting on hefty unrealized profits. The unlock happens this Saturday, and the big question is whether they will hold or sell.

A mass sell-off could flood the market, potentially tanking SOL’s price due to increased supply outpacing demand. However, the impact might be muted if they hold, especially if Solana’s ecosystem keeps growing. Nevertheless, market sentiment is already jittery, with posts on X showing retail investors selling off SOL in anticipation, fearing a dip.

“While the team’s, seed investors’, and foundation’s shares are locked (also about 40%), the release of such a large volume poses a risk of market shock,” a popular account on X stated.

Technicals are not rosy either as Solana buyers retreat. Notwithstanding, SOL fundamentals like its fast, low-cost blockchain and rising adoption could cushion the blow long-term. Similarly, past unlocks, like the 7x supply increase in 2020, actually kicked off a bull run, though the market was less mature then.

Aave Debuting on Sonic L1

In December, Sonic Labs indicated the Aave governance process to bring the $22 billion lending market to Sonic. This week in crypto, Aave is going live on Sonic. This marks a major development, given that Aava dominates the DeFi lending market with $20 billion in total value locked (TVL), according to DefiLlama data.

Launching on the L1 would allow Sonic users to tap on-chain native credit lines and offer liquidity to other investors. Sonic’s high transaction speed and fee-sharing model could also prove to be major incentives for Aave’s deployment on the network. 

“AAVE will be the tangible breakthrough for Sonic that gets it from “small but promising chain” to full-fledged powerhouse. The network effect of AAVE is immense. And on Sonic that effect will be galvanized by the existing landscape,” popular user Jack the Oiler observed.

This partnership will also mean a $63 million liquidity commitment, including monetary contributions from various sources. Specifically, the Sonic Foundation pledged $15 million, with an additional $20 million promised in Circles USD Coin (USDC).

The funding would also include up to 50 million S tokens from Sonic, while Aave would contribute $800,000 in stablecoins. This sizable liquidity commitment would secure the financial backbone for Aave’s introduction to the Sonic network.

Nvidia Earnings

Nvidia’s earnings report will also be on the crypto watchlist this week. Nvidia’s fiscal fourth quarter (Q4) report, ending January 2025, is to be released this Wednesday, February 26. The report will be out after the market closes, making it a focal point for investors this week.

As the world’s top chipmaker by market cap, Nvidia’s results are a bellwether for the artificial intelligence boom, meaning impact on AI coins.

“NVDA 1D update-bearish AI news dropping this week…you won’t catch me buying any AI coins when I see the NVDA chart looking that way. I’ve always felt that way about AI coins bc NVDA has been ready to pop since November. All it took was some fake Deep Seek news for the initial distro and then AI memes did -95% of that,” an analyst shared in a post.

KernelDAO Token Launch

Also, this week in crypto, the launch of KernelDAO’s KERNEL token is expected. In a recent blog, KernelDAO said KERNEL would also be the native token of Kelp DAO, a popular liquid restaking protocol.

“The KERNEL token distribution emphasizes community-first principles, allocating the majority of tokens to the users and ecosystem participants,” the network shared.

KERNEL holders could actively participate in decision-making processes for major network products like Kelp LRT, Kernel Infrastructure, and Gain. Governance decisions can include protocol upgrades, fund allocations, and new partnerships.

It would also have a restaking function to provide shared economic security for the Kernel ecosystem, middleware, and decentralized applications (dApps). Further, KERNEL token holders can earn staking rewards from partner protocols and middleware.

Stacks Increase sBTC Deposit Cap

Stacks will increase the deposit cap for sBTC, its yield-bearing, Bitcoin-backed token, on Tuesday, February 25. This move marks a significant step in its mission to activate Bitcoin’s economy.

The sBTC token is a 1:1 Bitcoin-backed asset on the Stacks Layer-2 blockchain. It is designed to bring programmability and DeFi capabilities to BTC while maintaining its security through 100% hash power finality.

Launched on the mainnet in December 2024 with an initial cap of 1,000 BTC, that limit was hit fast—within two days—showing strong demand. This second cap, dubbed “Cap-2,” will add 2,000 more BTC, raising the total to 3,000 BTC available for minting.

“Hold sBTC, Earn Bitcoin. sBTC Cap-2 → Feb 25. Max 3,000 BTC Step 1. Put your BTC to work. Earn 5% APY in real Bitcoin rewards just by holding sBTC. Step 2. Deploy sBTC in DeFi apps for extra yield. Check thread for BTCFi,” Stacks shared recently.

Deposits open on February 25 at 10 a.m. ET on a first-come, first-served basis, with a minimum deposit of 0.01 BTC. sBTC lets BTC holders earn yield without giving up custody or relying on intermediaries, a big shift from wrapped BTC models.

ETHDenver Conference

The ETHDenver conference starts its main event on Thursday, February 27, in Denver, Colorado. Based on social media chatter, it is already shaping to be a pivotal moment for the Ethereum ecosystem.

Billed as the world’s largest and longest-running Ethereum-focused event, it draws thousands of developers, entrepreneurs, and blockchain enthusiasts. During the same event in 2024, over 15,000 attendees came from 115 countries. The expectation is that Ethereum projects could drop major updates, leveraging the event as a launchpad.

“Some analysts believe this event could positively impact Ethereum’s price, as the reduced market supply might lead to a price increase,” a user on X quipped.