Onyxcoin has surged by nearly 30% in the past 24 hours, riding the wave of a broader crypto market rally. 

But beyond the market-wide momentum, on-chain data suggests that XCN’s spike, its strongest in over a month, is driven by genuine demand for the altcoin.

Onyxcoin Rallies, But There Is a Catch

XCN’s double-digit rally has been accompanied by a surge in its daily trading volume. This totals $128 million at press time, rocketing 480% over the past day.

When an asset’s price and trading volume spike simultaneously, it signals strong market interest and momentum. This means more participants are actively trading XCN and validating its price movement. 

Moreover, the daily count of active addresses that have traded XCN today has climbed to a 60-day high of 1,646. 

This spike in active addresses reflects growing retail and possibly institutional interest in XCN. More wallets transacting the token typically suggests broader network participation and confidence, which can serve as a strong bullish signal for the asset.

However, not all traders share this bullish sentiment. In the XCN futures market, the outlook is persistently bearish, as reflected by the token’s negative funding rate. This is at a two-month low of -0.18% at press time. 

The funding rate is a periodic fee exchanged between long and short traders in perpetual futures to keep the contract price in line with the spot price. 

When an asset’s funding rate is negative like this, short traders pay long traders. This indicates bearish sentiment and that more XCN traders are betting on the price to fall.

XCN Clears Key Barrier as Accumulation Grows — Is $0.015 Next?

Apart from the broader market recovery, the price rally is also supported by a visible uptick in on-chain user engagement, signaling that XCN traders are not just following hype but are actively accumulating.

On the daily chart, XCN has broken above the crucial $0.01 resistance level—a price point it struggled to break for two weeks. If the rally persists, XCN’s price could climb to $0.015, a high it last reached on March 5.

However, if market participants begin profit-taking, XCN could shed its recent gains and fall below the $0.011 support toward $0.0075.

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The Solana-based meme coin FARTCOIN has once again claimed its spot as the market’s top gainer, surging to a two-month high of $0.73. 

It has seen an impressive 39% price increase over the past 24 hours, reflecting a notable uptick amid an otherwise declining market.

FARTCOIN Defies the Odds, Soars to Two-Month High

FARTCOIN plunged to a year-to-date low of $0.19 on March 10. This presented a buying opportunity for the meme coin holders, who have since increased their buy orders for the token. Trading at a two-month high of $0.72 as of this writing, FARTCOIN’s value has since soared by 279% in the past month. 

On the daily chart, FARTCOIN’s triple-digit rally has pushed its price above the Leading Span A (green line) of its Ichimoku Cloud. The strengthening bullish momentum is now driving the altcoin toward the Leading Span B (red line) of this indicator, a breakout of which would further validate FARTCOIN’s current bull run.

The Ichimoku Cloud tracks the momentum of an asset’s market trends and identifies potential support/resistance levels. 

When an asset’s price breaks above Leading Span A and is poised to break above Leading Span B, it signals a strengthening bullish trend. This hints at the potential for further upward movement as FARTCOIN moves into a more favorable market position.

Further, the altcoin’s Chaikin Money Flow (CMF) remains above the zero line, confirming the preference for FARTCOIN accumulation over selloffs. At press time, this momentum indicator, which measures how money flows into and out of an asset, is at 0.13.

A positive CMF reading during a rally like this indicates strong buying pressure and market participation, as the volume of buy orders outweighs sell orders. This suggests that FARTCOIN’s rally is supported by solid demand, reinforcing the sustainability of the upward movement.

FARTCOIN is on Track for $1

Since its rally began on March 10, FARTCOIN has traded within an ascending parallel channel. This bullish pattern confirms the growing demand for the meme coin.

If buying pressure strengthens, FARTCOIN could extend its gains. In that case, its price could break above the Leading Span B, which currently forms a dynamic resistance above its price. A successful break above this level could propel the token toward $1.

However, if profit-taking resumes, this bullish projection will be invalidated. In that scenario, meme coin FARTCOIN’s price could dip to $0.54.