Onyxcoin (XCN) has fallen 16% over the past seven days, although it’s up by 52% in the last 30 days. The XCN Relative Strength Index (RSI) is currently at 40.1, indicating mild bearish momentum but not strong enough to signal overselling.

Meanwhile, the Average Directional Index (ADX) has declined to 15.1, suggesting that the downtrend is losing strength and could lead to a period of low momentum. Despite the ongoing bearish trend, the Exponential Moving Average (EMA) lines show a possibility for XCN to challenge key resistance levels and potentially surge by up to 30% before March if bullish momentum picks up.

XCN RSI Has Been Neutral Since February 12

XCN’s Relative Strength Index (RSI) is currently at 40.1 and has remained below 50 for the past 5 days without dropping to the oversold level of 30.

This indicates that XCN has been experiencing mild bearish momentum as it stays under the neutral 50 mark.

However, the fact that it hasn’t touched the 30 levels suggests that selling pressure is not overwhelming, potentially signaling a consolidation phase or a weakening of the bearish trend.

RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100. Typically, an RSI above 70 is considered overbought, indicating that an asset may be due for a correction or pullback.

At the same time, an RSI below 30 is seen as oversold, suggesting a potential buying opportunity as the asset could be undervalued.

With XCN’s RSI at 40.1, it is in a cautious zone where the bearish sentiment exists but isn’t particularly strong. This could mean the price is in a consolidation phase, waiting for a catalyst to determine the next direction.

If buying interest picks up, XCN could move towards the 50 mark, signaling a potential reversal to bullish momentum. Conversely, if it continues to weaken, a drop below 30 would indicate increased selling pressure and a possible continuation of the downtrend.

Onyxcoin ADX Shows the Downtrend Is Easing

Onyxcoin, which is built on Arbitrum, currently has an Average Directional Index (ADX) of 15.1 after reaching a peak of 29.4 just four days ago. Since then, the ADX has been declining steadily, indicating a weakening trend.

The drop below 20 suggests that the downtrend, which has been present over the last few days, is losing momentum.

While Onyxcoin price is still in a downtrend, the declining ADX indicates that the strength of this bearish movement is diminishing, potentially leading to a period of consolidation or a slowdown in selling pressure.

ADX is an indicator used to measure the strength of a trend, regardless of its direction. It ranges from 0 to 100, with values below 20 indicating a weak or non-existent trend and values above 25 suggesting a strong trend, either bullish or bearish.

When ADX is rising, it signals strengthening momentum, whereas a declining ADX suggests weakening trend strength. Onyxcoin’s ADX at 15.1 suggests that the current downtrend is losing power and the market is entering a phase of low momentum.

This could lead to a period of price consolidation or even a potential reversal if buying interest returns. However, as long as the ADX remains below 20, any price movements are likely to be weak and lack significant directional strength.

Can Onyxcoin Surge 30% Before March?

Between January 15 and January 26, the XCN price surged more than 1,300%, making it one of the best-performing altcoins of January. However, its price started to decline after that.

Onyxcoin’s Exponential Moving Average (EMA) lines indicate that the bearish trend is still present, but the downward momentum is not as strong as it was some days ago.

This suggests that selling pressure has eased slightly, though the bears still hold control. If selling pressure persists, XCN could test the support level at $0.017.

A break below this support could open the path for a deeper correction towards the next key support at $0.014.

Conversely, if the bearish momentum fades and a trend reversal occurs, XCN could challenge the close resistance at $0.021. A break above this level would signal a potential shift in market sentiment, leading to a rally towards the next resistance at $0.025.

Should bullish momentum build further, XCN could target $0.0339, representing an upside of nearly 30% from current levels.

Solana (SOL) Total Value Locked (TVL) recently hit $9.90 billion, the lowest level since November 2024, before recovering slightly to $10.3 billion. Despite this bounce, SOL’s TVL remains down nearly 30% from January 18, reflecting ongoing concerns about its ecosystem.

SOL’s price is also under pressure, down more than 8% in the last seven days and over 31% in the past 30 days. Technical indicators are showing signs of recovery, but bearish trends are still dominant, with SOL trading below key resistance levels.

Solana TVL Reached Its Lowest Levels Since November 2024

Solana’s Total Value Locked (TVL) is currently at $10.3 billion, recovering from a low of $9.90 billion on February 17, the lowest level since November 14, 2024. Despite this rebound, TVL is still down nearly 30% from $14.2 billion on January 18, reflecting decreased investor confidence.

This decline coincides with controversies surrounding Solana ecosystem, including accusations of being too extractive and criticism over the launch of the meme coin LIBRA, which has contributed to the outflow of capital.

Tracking TVL is important because it shows the total capital locked in a blockchain’s DeFi ecosystem, indicating liquidity and investor confidence. Although Solana’s TVL has recovered slightly, the sharp drop over the past month highlights ongoing concerns.

If these issues aren’t addressed, continued capital outflows could pressure SOL’s price and slow its recovery. Conversely, if confidence is restored, a rising TVL could signal renewed interest and support for SOL.

Solana Indicators Are Still Bearish But Recovering

Solana’s Ichimoku Cloud chart shows that the price is currently below the red cloud, indicating that the bearish trend is still dominant. However, the price is now trading above the blue Tenkan-sen (conversion line) and the orange Kijun-sen (base line), suggesting that bearish momentum is weakening.

This could indicate a potential short-term recovery as buyers are starting to gain some control. Nevertheless, the thick red cloud overhead acts as a strong resistance, which Solana would need to break through to confirm a bullish reversal.

In this case, the fact that Solana remains under the red cloud suggests that the overall downtrend is not yet reversed.

However, if the price can break above the cloud, it would be a strong bullish signal. Conversely, failure to break the resistance could lead to renewed selling pressure, continuing the bearish trend.

Solana’s Directional Movement Index (DMI) chart shows that its Average Directional Index (ADX) is currently at 25.4, down from 43 just two days ago when SOL’s price dropped to around $165.

This decline in ADX indicates that the strength of the downtrend is weakening, although the trend itself is still present. An ADX above 25 typically signals a strong trend, but the decreasing value suggests that bearish momentum is losing power. This could potentially lead to a consolidation phase.

Meanwhile, the +DI is at 18.4, rising from 5.4 three days ago, while the -DI is at 14.8, dropping from 39.2 over the same period. This shift shows that buying pressure is gradually increasing as selling pressure declines. If +DI continues to rise above -DI, it could indicate a potential trend reversal.

However, since SOL is still in a downtrend, it would need sustained buying momentum to break the bearish pattern. If +DI fails to maintain its upward movement, the downtrend could resume.

Solana Can Reclaim $200 Levels If The Downtrend Is Reverted

Solana’s Exponential Moving Average (EMA) lines still indicate a bearish trend, as the short-term EMAs are below the long-term ones. However, the direction of these lines has started to shift slightly since yesterday, with Solana price rising by 4%.

This suggests that selling pressure is weakening and that buying interest is gradually returning. If this momentum continues, it could lead to a trend reversal. However, that would require the short-term EMAs to cross above the long-term ones.

If SOL can fully reverse the current downtrend, it could first test the resistance at $183. A successful break above this level would signal a stronger bullish momentum, potentially pushing the price to the next resistance at $197.

If buying pressure continues to build, SOL price could even target $220, representing a significant recovery.

Conversely, if the downtrend persists and selling pressure intensifies, SOL could retest the support at $159.

A break below this level would indicate a continuation of the bearish trend. That would possibly lead to a drop towards $147, its lowest level since October 2024.

The SEC has ended its investigation into OpenSea. The commission announced that it would not take legal action, asserting that NFTs are securities. 

The leading NFT marketplace has been notified that no enforcement actions will be taken. This marks the second legal action the SEC has dropped against crypto platforms on Friday. 

SEC Will No Longer Probe OpenSea

OpenSea’s co-founder and CEO, Devin Finzer, called the decision a win for the NFT and web3 community. He stated that the SEC misinterpreted current laws regarding NFTs, a mistake that could have slowed progress in the sector.

“This is a win for everyone who is creating and building in our space. Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation. Every creator, big or small, should be able to build freely without unnecessary barriers,” wrote Finzer. 

This outcome follows a Wells notice that OpenSea received last August. The notice indicated that the SEC planned to initiate legal action, arguing that some or all NFTs traded on the platform might be securities. 

OpenSea set aside $5 million to support NFT artists and developers who could face similar actions. However, this fund will no longer be required for this purpose.

Meanwhile, the SEC’s decision is a major relief for the NFT marketplace, as OpenSea is preparing to launch its token in 2025. 

Considering that other competitors had already entered the crypto market early, a regulatory probe could have been further damaging for OpenSea. 

Most notably, this is the second legal dismissal announced by the SEC today, on February 21. Earlier in the morning, the Commission announced plans to dismiss its lawsuit against Coinbase. 

The crypto exchange reported that SEC staff agreed in principle to drop the case, pending the commissioners’ final approval.

Overall, the SEC is seemingly scaling back crypto enforcement at a rapid pace. However, its biggest legal action, the Ripple lawsuit, still remains active.