The altcoin market faced renewed selling pressure on November 9, 2026, as Bitcoin slipped below $74,000. Ethereum fell 5.2% to around $2,120, while XRP dropped 6.5% to $1.09. Against this backdrop, analyst Ali Martinez warned that Hyperliquid (HYPE), Ondo (ONDO), and Quant (QNT) could see deeper losses.
Martinez said HYPE appears to be slipping below a two-month rectangle consolidation. He identified $75 as the key battleground for bulls; failure to recover that level could open a path toward $64 and $53. HYPE was trading near $72. Earlier in November, he had flagged that a sustained 12-hour close below $76–$78 could lead to $59.
For ONDO, Martinez argued the token is breaking below a rising channel that has guided its price since the start of 2026. A sustained move below $0.35 would confirm lost support and could lead to $0.26 or even $0.19 if selling accelerates. ONDO was down about 11% weekly and 30% over the past month. QNT, one of the few tokens in green on the day, traded near $200, but Martinez said he is watching for a four-hour close below $190, which would confirm a bearish break targeting $160.
Despite the short-term caution, some market participants remain constructive. X user Max Crypto noted that total altcoin market capitalization has begun forming a structure similar to the one that preceded major rallies in 2021 and 2024, advising patience rather than panic selling.
Separately, market maker DWF Labs published a report on altcoin buyback and revenue-sharing models. It found that 13 of 15 tokens that implemented buyback or refund mechanisms in 2026 outperformed Bitcoin this year. Hyperliquid (HYPE) gained over 200% and Pump.fun (PUMP) over 120%, while Bitcoin declined roughly 8.5%. HYPE directs 95% to 99% of its revenue to token buybacks, and PUMP allocates 50% of net revenue to buybacks.
DWF Labs noted that not all high-revenue projects reward holders consistently. Maple Finance's SYRUP token lost about 45% after the share of revenue allocated to buybacks was cut from 25% to 10%, though it was later raised to 20%. Lido (LDO) introduced an automated buyback system but has not yet made actual purchases. The report concluded that sustainable income, regular transfers to holders, and buybacks that offset token supply growth matter more than raw revenue.
