Onyxcoin (XCN) has seen a significant price decline over the past month, dropping from $0.035 to $0.013 today. This ongoing downtrend mirrors Bitcoin’s price action, as the altcoin appears to be following the broader market’s bearish sentiment. 

The massive downturn has caused uncertainty, especially among futures traders.

Onyxcoin Traders Are Pulling Back

The open interest in Onyxcoin has taken a dramatic hit, falling over 50% in just a week. It dropped from $10.8 million to $4.7 million, reflecting traders pulling their money out due to the altcoin’s lack of recovery. This decline in open interest signals a bearish outlook and fear due to the lack of growth in the asset.

Moreover, the rapid decline in open interest suggests that traders are hesitant to bet on Onyxcoin in the near future. The lack of any recovery momentum has likely prompted many to seek more stable alternatives. This further discourages potential new investors from entering the market, deepening the bearish sentiment. 

Onyxcoin shares a strong correlation with Bitcoin, which currently stands at 0.81. This high correlation means that XCN has been closely following Bitcoin’s market movements. Given Bitcoin’s recent drop below $80,000, the bearish trend in Bitcoin has spilled over to Onyxcoin, dragging its price lower.

The relationship between XCN and Bitcoin emphasizes the broader market’s influence on altcoins. Bitcoin’s bearish performance, marked by sharp declines, is a significant factor in Onyxcoin’s ongoing downtrend. If Bitcoin fails to recover, Onyxcoin’s price may face further pressure, with limited potential for a reversal without broader market improvement.

XCN Price Decline Continues

XCN’s price is down 15% in the last 24 hours, trading at $0.013 after losing the crucial support of $0.015. However, the coin is currently holding above the $0.012 support level. Despite this, the bearish trend continues to dominate, and the altcoin is vulnerable to further declines.

If the downtrend persists, XCN could fall below $0.012, testing the next support at $0.010. This would extend the current month-long downward spiral, potentially deepening losses for investors. A breach of this level would be a major setback, signaling a further bearish outlook.

However, if Bitcoin manages to regain momentum and XCN follows suit, the altcoin could break through the $0.018 barrier. A successful flip of this resistance into support would invalidate the bearish thesis, offering hope for price recovery and signaling the end of the downtrend.

Ethereum (ETH) spent most of February trading within a narrow price range, struggling to gain momentum. However, this week’s market-wide downturn, triggered by Donald Trump’s trade policies, has pushed ETH to multi-month lows. 

With bearish sentiment on the rise and ETH struggling to regain strength, investors are questioning whether March will bring further declines or a potential rebound.

ETH Struggles as Supply Grows and Selling Pressure Mounts

The steady surge in ETH’s circulating supply is a cause for concern for market participants in March. According to Ultra Sound Money, 66,350 ETH coins, valued above $138 million at current market prices, have been added to the altcoin’s circulating supply in the past 30 days.

When more ETH tokens enter circulation, the overall supply available for purchase increases. If demand fails to keep pace, this surge in supply can exert downward pressure on the coin’s price as more tokens become available for selling.

With a lack of strong buying interest to absorb the excess supply, this trend suggests ETH could face sustained weakness through March. 

Moreover, ETH’s rising exchange balance is another reason to worry. After it plummeted to a year-to-date low of 17.27 million ETH on February 21, it has since rocketed. At press time, 17.67 million ETH coins are held on exchange wallet addresses, climbing 2% over the past seven days. 

ETH’s exchange balance tracks the number of coins held on exchange addresses. When this balance spikes, a large amount of ETH is being moved onto exchanges, often signaling that holders are preparing to sell. 

This increase in sell-side liquidity has added to the downward pressure on the coin’s price, especially as selling activity continues to outweigh buying demand. If sustained in the coming days, it will worsen bearish sentiment, as more traders will look to offload holdings rather than accumulate, exacerbating the price decline. 

A Buying Opportunity?

Despite ETH’s performance, some analysts believe this could present a buying opportunity for those looking to book gains in March. In an interview with BeInCrypto, Santiment analyst Brian Quinlivan opined that ETH’s current price levels may offer an attractive entry point for long-term investors.

According to Quinlivan, both short-term and long-term ETH holders are deeply in the red, a condition rarely seen among the top 50 cryptocurrencies. Historically, such moments of capitulation have preceded major price rebounds, as accumulation from large investors tends to follow periods of heavy selling.

“The asset (ETH) can be one of the better performers in 2025 due to its underwhelming performance in 2023 and 2024 relative to other alts and top caps. Both the short-term and long-term holders for Ethereum are well into the negatives, which isn’t the case for most top 50 tokens. So adding on to your position is doing so during a de-risked time compared to the average moment in ETH’s history,” Quinlivan noted.

The crypto market has experienced a bearish trend throughout February, with Bitcoin falling below $80,000. As expected, altcoins have also been impacted, but investor optimism remains high, with many anticipating a market turnaround in March. 

BeInCrypto has analyzed four altcoins that, while not close to forming new all-time highs, show potential for the same before the end of the next month.

MANTRA (OM)

OM price has been experiencing a consistent uptrend over the past couple of weeks, currently trading at $7.32. Despite the recent market decline, OM has shown resilience, maintaining its position above key levels. Investors remain hopeful that the altcoin could continue this upward trajectory if market conditions improve.

OM is one of the few altcoins that is nearing its all-time high (ATH) of $9.17, achieved just last week. To reach this level again, the altcoin would need a 25% surge. Given its recent performance, OM has the potential to break through and form a new ATH if momentum builds.

Despite its potential for growth, OM must hold the support level at $7.20 to avoid further decline. If the price drops below this threshold, it could fall to the $6.17 support level. A failure to stay above $7.20 could invalidate the bullish outlook and extend the downtrend for OM.

Gate (GT)

GT price performed exceptionally in January, marking an all-time high (ATH) of $25.96. However, since then, its trajectory has been facing a downward trend. Despite this, investors remain optimistic as the altcoin could still rally to break its previous high.

Currently trading at $20.05, GT needs a near 30% rally to reach the ATH of $25.96 again. The key barrier for this rally lies at $23.18. Successfully breaching and flipping this resistance into support could pave the way for a strong rally and a new ATH, signaling further bullish potential.

If the bearish trend continues, GT price risks falling below the support level of $19.89. This would invalidate the bullish outlook and push the altcoin towards the next support at $18.12 or potentially lower. This further downside would suggest that GT may face extended losses if market sentiment remains negative.

Sonic (S) – Previously Fantom (FTM)

Sonic’s price has been volatile since its rebrand in January, currently trading at $0.63. The altcoin reached an all-time high (ATH) of $0.99 but has since experienced a decline. This correction has been a result of the broader market conditions impacting Sonic’s potential upward movement.

To regain its ATH, Sonic would need a significant 55% rally. A rise back to $0.99 is possible if the market conditions shift in favor of the altcoin. Increased investor inflows could also drive the rally, enabling Sonic to breach key resistances at $0.68 and $0.80 on its path to recovery.

However, if the market continues to decline and investors decide to sell, Sonic could fall below the support of $0.60. If this happens, the altcoin would likely drop further to $0.51, invalidating the bullish outlook and extending recent losses. Continued selling pressure could derail any potential recovery.

XRP

XRP price is currently trading at $2.00, well below its all-time high (ATH) of $3.40. To reach the ATH, XRP would need a 70% rally. The recent 22% drop over the past week has pushed the altcoin further away from its previous upward momentum, raising concerns.

XRP is holding above the support of $1.94, and if it bounces off of this support, it could make it back up to the resistance of $2.33. A breach of this barrier and eventual flip of $2.70 into support is critical for XRP to reach its ATH. This is possible with further market support and positive investor sentiment emerging from the hype surrounding XRP ETFs.

However, if XRP fails to recover and loses support at $1.94, it could see a sharp decline. The next major support lies at $1.47, and a drop below this level would severely challenge the bullish outlook, triggering further losses for investors.