Another Onyxcoin Breakout In Play As Sell Pressure Drops 90%? Charts Show the Path

Core Insights - Onyxcoin has experienced significant price volatility, rallying over 70% in the past month but correcting nearly 40% from its January highs, with a recent 7% decline in the last 24 hours [1] - Despite the pullback, the overall market structure remains intact, with selling pressure diminishing and whales beginning to re-accumulate [1][5] Price Action and Patterns - Onyxcoin is currently trading within a falling wedge pattern, which is typically a bullish continuation structure, indicating a potential 38% breakout if confirmed [2] - Momentum has weakened near the upper boundary of the wedge, with bull-bear power remaining positive but fading as the price tests resistance multiple times since January 11 [3][4] Whale Activity and Market Dynamics - On-chain data indicates that whale holdings decreased from approximately 42.63 billion XCN to 42.49 billion between January 11 and January 12, aligning with price rejections at the trend line [5] - Following this brief sell-off, whales have increased their holdings to about 42.53 billion XCN, indicating a shift towards re-accumulation near support levels [6] - Daily exchange inflows have plummeted from roughly 440 million XCN to just 33 million in two days, a decline of over 90%, suggesting a significant reduction in sell-side pressure [7][8]