Solana (SOL), Gram (GRAM), Hyperliquid (HYPE) and Bitcoin (BTC) Price Analysis for November 12: It Is a Bloodbath on the Market

The cryptocurrency market is experiencing a significant downturn on November 12, with multiple major digital assets seeing substantial price declines. Solana (SOL) has fallen over 30% since September, currently trading at $83.66, and may test $70 if the $80 support level breaks. Bitcoin (BTC) is trading at $73,535, down 16% from its September peak, while Hyperliquid (HYPE) has lost approximately 14% over the past week despite positive developments.

Solana's Extended Decline

Solana's price drop represents an atypical correction, as volatile cryptocurrencies typically experience declines of around 10%, not the 30% loss seen since September when SOL traded at $125. By the end of October, the cryptocurrency dropped below its 200-day moving average, indicating a potential long-term trend reversal.

The current support level sits at approximately $80, with a lower support range between $72-$78 where SOL spent July before its August breakout. Technical indicators suggest the $80 level may not hold under current pressure, potentially leading to SOL trading around $70. The spike in trading volume on November 10 confirms the continuing downtrend.

Gram's Rebound Fueled by Durov

Gram (GRAM) has rebounded to $1.244 after briefly dipping below $1 on November 9, experiencing a 24% increase over three days with a 9% surge on the most recent daily candle. This bounce was fueled by Pavel Durov's comments on X regarding Telegram wallet updates and blockchain integration directly into the messenger.

The record-breaking volume on November 10 suggests concentrated buying, with someone or some group specifically targeting GRAM. While the price has moved above short-term moving averages around $1.21, it faces steep resistance at approximately $1.25, with additional resistance levels at $1.34 and $1.46 where bears could potentially enter.

Hyperliquid's Positive Developments Fail

Despite positive developments including listings on South Korean exchanges on November 10 and active buybacks, Hyperliquid (HYPE) continues to decline, losing around 14% over the week. The cryptocurrency briefly bounced to $97 following an October 29 announcement about Hyperliquid-based futures in the US, but has since fallen almost $25.

Currently stuck in the $70-$73 range, Hyperliquid may find support near its 200 EMA at approximately $68. The only positive technical indicator is the breakthrough of the 200 EMA back in August, which could potentially become support in the future.

Bitcoin ETF Outflows Pressure Price

Bitcoin is facing significant pressure from spot ETF outflows totaling approximately $1.6 billion since the beginning of November, though the dynamic is improving. According to Bloomberg's Eric Balchunas, only stock funds have seen substantial inflows, suggesting a continuing trend of investors moving from digital gold to more traditional assets.

The broader market shift away from cryptocurrencies is attributed to several factors, including the Anthropic IPO, growing demand for memory chips, and rapid AI improvements. These developments have pushed investors away from an industry that has been struggling for two years, lacking catalysts, safety, and clear use cases. A potential recovery for Bitcoin may depend on overall market improvements and the emergence of stronger catalysts.