Onyxcoin Faces Mixed Signals Ahead of OIP-56 Upgrade

Onyxcoin (XCN) enters May in a state of uncertainty, with its price stuck in a tight range and investors eyeing the upcoming OIP-56 vote as a potential catalyst. While the proposed upgrade could boost engagement and utility, mixed on-chain signals suggest caution may be warranted.

Onyxcoin (XCN) has been largely range-bound over the past month, as its price struggles to break free from a window between $0.0155 and $0.0230. That choppiness reflects a tug-of-war between cautious investors and a broader market that hasn’t yet found a clear catalyst.

Chart by TradingView

One bright spot on the horizon is the upcoming OIP-56 proposal, which would introduce gas-free voting to the Onyx network. If approved, that feature could reinvigorate user engagement and give XCN the utility boost it needs to spur renewed buying interest.

Yet there are warning signs. On-chain data shows Onyxcoin’s NVT (Network Value to Transactions) ratio sitting at a five-month high. In plain terms, the network’s market valuation has climbed faster than its actual transaction volume, a classic signal of overvaluation that often precedes a correction. Should investors start to see that gap as unsustainable, selling pressure could intensify and drive the price back toward—or even below—the $0.0155 support level.

Technical Analysis

Technical indicators offer a slightly more balanced view. Onyxcoin’s Relative Strength Index remains above the neutral 50 mark, indicating that, despite recent stalls, XCN has yet to fall into outright bearish territory. If market sentiment improves or OIP-56 delivers on its promise, that RSI reading suggests there’s room for a modest rebound.

Looking ahead, Onyxcoin’s immediate path will hinge on whether the OIP-56 upgrade passes and whether overall crypto markets regain their footing. A decisive vote in favor could clear the way for XCN to challenge the $0.0230 ceiling—and potentially test $0.0300 if momentum builds. Conversely, a rejection or broader market weakness could see Onyxcoin drift toward $0.0150, underscoring the very overvaluation concerns that today’s NVT spike has highlighted.

Bottom Line: For now, XCN remains in a holding pattern, with its next meaningful move tied to network developments and the ever-shifting currents of the crypto market.