The cryptocurrency market delivered another brutal session on November 12, with major assets under heavy selling pressure across the board. Solana (SOL) is trading at $83.66, back in the zone where its August rally began, while Bitcoin (BTC) is changing hands near $73,535 after losing 16% from its September peak.
Solana has fallen more than 30% since September, when it traded around $125. The decline is no ordinary correction; SOL dropped below its 200-day moving average by late October, and short-term moving averages crossing below longer-term ones suggest the bearish trend is strengthening. The immediate support sits near $80, with a lower support band at $72–$78. Analysts caution that $80 may not hold under current pressure, and a move toward $70 is possible. A spike in trading volume on November 10 further confirms the continuation of the downtrend.
Gram (GRAM) is the outlier. It trades at $1.244 after briefly dipping below $1 on November 9. Pavel Durov’s comments on X and Telegram wallet updates fueled a 24% rebound over three days, including a 9% surge in the latest daily candle. Durov said Telegram users created more than 700,000 Gram wallets in 48 hours. Record volume on November 10 suggests concentrated buying, but resistance near $1.25 is steep, with additional moving-average resistance around $1.34 and $1.46. The bounce remains mixed between speculative and fundamental drivers.
Hyperliquid (HYPE) is stuck in the $70–$73 range despite supportive news. South Korean exchange listings on November 10 and active buybacks failed to stop a weekly loss of about 14%. HYPE briefly rallied to $97 after the October 29 announcement of Hyperliquid-based futures in the US, but has since lost almost $25. The 200-day EMA near $68 is the next potential support, though a bounce off that level has not yet occurred.
Bitcoin remains under pressure from spot ETF outflows. Bitcoin spot ETFs have lost roughly $1.6 billion since the start of November, although the pace is improving. Bloomberg’s Eric Balchunas noted that stock funds attracted the largest inflows, indicating a continued rotation out of digital gold and into traditional assets. Without a clear market catalyst, a more attractive Bitcoin entry point may depend on a broader recovery. The article also notes that the Anthropic IPO, rising demand for memory chips, and rapid AI improvements are pulling investors away from cryptocurrencies, which have struggled for two years with weak catalysts, safety concerns and limited use cases.
