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 significant declines on November 12, with Solana (SOL) falling over 30% since September, Bitcoin (BTC) down 16% from its peak, and Hyperliquid (HYPE) losing 14% weekly despite positive developments.
The cryptocurrency market is witnessing a widespread downturn on November 12, with major tokens experiencing significant losses. Solana (SOL) has plummeted more than 30% since September, currently trading at $83.66, a level where its August rally began. Bitcoin (BTC) is down 16% from its September peak, trading at $73,535, while Hyperliquid (HYPE) has lost approximately 14% over the past week despite positive developments. The market appears to be in a state of 'bloodbath,' with few tokens showing resilience against the bearish sentiment.
Solana Faces Critical Support
Solana's current decline is far beyond a typical correction for volatile assets, which usually stop around 10%. By the end of October, SOL dropped below its 200-day moving average, signaling a potential long-term trend reversal. The token now faces critical support at approximately $80, with a lower support range between $72-$78 where it traded throughout July before its August breakout. Trading volume spiked on November 10, confirming the continuation of the downtrend, which could push SOL toward $70 if the $80 support level fails to hold.
Gram Rebounds on Durov News
In contrast to the broader market decline, Gram (GRAM) has experienced a significant rebound, trading at $1.244 after briefly dipping below $1 on November 9. The token surged 24% over three days, with a 9% increase on the most recent daily candle, fueled by Pavel Durov's comments on X regarding Telegram wallet updates. Telegram users have created over 700,000 Gram wallets in the last 48 hours, contributing to the positive momentum. However, the token faces steep resistance near $1.25, with other moving averages presenting potential bearish opportunities around $1.34 and $1.46.
Telegram users created more than 700,000 Gram wallets in the last 48 hours.
Hyperliquid Resists Positive News
Despite positive developments including listings on South Korean exchanges on November 10 and active buybacks, Hyperliquid (HYPE) continues to decline. The token has lost nearly $25 since reaching $97 following an October 29 announcement about Hyperliquid-based futures in the US. Currently stuck in the $70-$73 range, HYPE may find support near its 200 EMA at approximately $68, though this level has not yet been tested. The breakthrough of the 200 EMA in August remains the only positive technical indicator for the token at present.
Bitcoin Pressured by ETF Outflows
Only stock funds saw the biggest inflows, which suggests a continuing trend of outflows from digital gold in favor of more traditional assets.
Bitcoin's price is under significant pressure, with spot ETFs losing approximately $1.6 billion since the beginning of November, though the outflow trend is showing some improvement. According to Bloomberg's Eric Balchunas, only stock funds have seen substantial inflows, indicating a continued shift from digital assets to more traditional investments. The broader market downturn is exacerbated by attractive alternatives like the Anthropic IPO, growing demand for memory chips, and rapid AI advancements, which have drawn investor attention away from cryptocurrencies that have lacked catalysts, safety, and clear use cases over the past two years.
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