Onyxcoin (XCN) has maintained its downward trajectory, plummeting by 10% over the past week as bearish sentiment grips the market. 

With more traders turning away from the altcoin, its active address count has seen a sharp fall, signaling a loss of interest in the asset and low network participation.

XCN Struggles as Short Sellers Take Control

Since early March, Santiment’s data has revealed an aggressive fall in XCN’s daily active address count. 

According to the on-chain data provider, on March 3, 2,673 unique addresses completed at least one transaction involving XCN. Since then, this figure has steadily declined, hitting a low of 1,044 on March 18. 

This decline highlights waning network activity on Onyxcoin and the reduced demand for its altcoin, reinforcing the bearish sentiment surrounding XCN.

Moreover, the month has been marked by a significant rise in the demand for short positions, as reflected by the altcoin’s predominantly negative funding rate. 

An asset’s funding rate is a periodic fee exchanged between its long and short traders in perpetual futures contracts. When the funding rate is mostly negative, short sellers dominate the coin’s futures markets.

The rising demand for XCN shorts highlights the market’s bearish outlook. Sellers are maintaining control and limiting any potential short-term recovery.

XCN Faces Strong Selling Pressure

The token’s Chaikin Money Flow (CMF) supports this bearish outlook. At press time, the momentum indicator is below zero at -0.19.

The CMF indicator measures fund flows into and out of an asset. When its value is negative, selling pressure outpaces buying activity. This indicates the likelihood of a further price decline as demand remains weak. In this scenario, XCN’s price could slip to $0.0075.

Conversely, the token’s price could rocket toward $0.022 if buyers regain market control.

A comprehensive report from Global Ledger claims that Garantex’s founders created a new exchange, Grinex, just a week after the previous exchange was shut down by US and EU authorities. The new platform, Grinex, has already processed $36 million in incoming transactions.

Global Ledger shared this report exclusively with BeInCrypto.

Is Garantex Back Under a New Name?

Garantex, a Russian crypto exchange, was shut down last week, but apparently, it isn’t out. Earlier this month, Tether froze some of its wallets containing USDT worth $28 million, and the US Department of Justice seized its domains, as its co-founder was arrested.

However, a new report shows that Garantex’s team has already launched a similar exchange, Grinex.

“Swiss blockchain analytics company Global Ledger has completed its investigation and gathered conclusive evidence that Grinex, the exchange that emerged shortly after the dramatic collapse of Garantex, is, in fact, a direct continuation of Garantex itself,” Global Ledger claimed in an exclusive press release shared with BeInCrypto.

The center of this claim comes from on-chain analysis. A7A5, a ruble-backed stablecoin, was listed on Garantex less than a month before its shutdown.

Soon after, its creators confirmed via Telegram that the asset was listed on Grinex. Global Ledger tracked a massive A7A5 liquidity transfer from Garantex to Grinex, proving a connection.

Garantex Users Are Receiving Lost Funds On Grinex

According to Global Ledger’s research, these exchanges have incredibly similar interfaces. Also, a marketing statement on the Russian crypto tracking site ‘CoinMarketRating’ claims that the owners of Garantex created Grinex.

Most notably, some users who lost funds on Garantex have reported receiving reimbursements on Grinex.

Sources also claim that Grinex customers are visiting the Garantex office in person, and many users are moving assets to the new exchange.

Overall, all facts reflect that Grinex has found a way to remain operational, despite the earlier crackdown. The US Department of Justice sanctioned Garantex in 2023.

The case of Grinex is another example of how Russia has been using crypto to actively evade international sanctions. Even if law enforcement acts quickly against Grinex, it could resurface.

A week ago, a death cross appeared on Solana’s (SOL) one-day chart, signaling a growing bearish momentum. 

While the coin’s price has since consolidated within a range, rising selling pressure suggests a potential breakdown in the near term.

Solana’s Death Cross and Bearish Momentum Fuel Fears

BeInCrypto’s assessment of the SOL/USD one-day chart reveals that a death cross emerged seven days ago. This is a bearish pattern formed when an asset’s short-term moving average (the 50-day) crosses below its long-term moving average ( the 200-day). 

It confirms a shift from a bullish trend to a bearish one, indicating weakening momentum and increased downside risk. Since the pattern emerged, SOL’s price has traded within a narrow range. It has since oscillated between resistance formed at $136.92 and a support floor of $121.18. 

However, with selling pressure mounting, SOL appears poised for a breakdown below this support level. The widening gap between its 50-day and 200-day SMAs reinforces the likelihood of this happening in the near term.

Adding to this bearish outlook, SOL’s negative Elder-Ray Index indicates that sellers are gaining control. This indicator currently stands at -11.46 at press time.

The Elder-Ray Index measures the strength of buyers (bull power) and sellers (bear power) by comparing an asset’s high and low prices to its exponential moving average (EMA). When the index is negative, it indicates that bear power is dominant.

This confirms the increased selling pressure among SOL traders and hints at the likelihood of a break below the support formed at $121.18. 

SOL Bears Eye $110 as Selling Pressure Mounts—Will Support Hold?

SOL’s breakdown below the $121.18 support zone would exacerbate the downward pressure on its price. Such a breach would offer another confirmation of the bearish trend in the market and could cause the coin’s price to plummet toward $107.88.

On the other hand, if market sentiment improves and SOL demand spikes, it could break above the resistance at $136.92 and soar to $152.87.