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In Brief

  • Solana (SOL): Price has fallen over 30% since September and may test $70 if the $80 support breaks.
  • Gram (GRAM): Price is rebounding to $1.244 on Durov's wallet news, but resistance near $1.25 is steep.
  • Hyperliquid (HYPE): Price is stuck at $70-$73 despite good news and may find support near the 200 EMA at $68.
  • Bitcoin (BTC): Price is $73,535, down 16% from its September peak, with ETF outflows and weak catalysts adding pressure.

Solana (SOL): Sell-Off Pushes Price Toward $80 Support

Solana is currently trading at $83.66. The price is back in the area where its August rally started.

The fall in Solana's price that we are witnessing now is not a normal correction. The price has lost more than 30% of its value since September, when it traded at $125. Usually, corrections stop at around 10% for volatile assets, including cryptocurrencies. Here, the situation is different.

By the end of October, Solana dropped below the black moving average on the chart, which represents the 200-day moving average, suggesting a long-term change of direction. The short-term moving averages crossing below the longer-term ones suggest the bearish trend is getting worse.

The upcoming support is at approximately $80, with a lower support at $72-$78. That range is where SOL spent the whole of July, before breaking out in mid-August. The $80 level is unlikely to hold under such severe pressure, so traders shouldn't be surprised to see SOL trading around $70.

With the spike in trading volume on November 10, we pretty much have confirmation that the downtrend is continuing.

Gram (GRAM): Durov's Wallet News Fuels a Sharp Rebound

Gram is trading at $1.244 after briefly dipping below $1 on November 9.

Fueled by Pavel Durov's comments on X, Gram received a substantial boost: 24% in three days, with the most recent daily candle showing a 9% surge.

The bounce started thanks to the Telegram wallet updates and the further integration of blockchain technology directly into the messenger, along with speculative buying. Durov states that Telegram users created more than 700,000 Gram wallets in the last 48 hours.

Record-breaking volume on November 10 could reflect concentrated buying, meaning that someone or some group targeted GRAM and put funds into it directly.

The price has already moved above the short green moving average, at around $1.21. Unfortunately, resistance is quite steep: the October-November trailing resistance is at around $1.25. Other moving averages present a chance for bears to play around $1.34 and $1.46.

In late September, GRAM spiked towards $1.73, but failed to hold that momentum and quickly tumbled back below the black moving average.

The current bounce is mixed: both speculative and fundamental factors are fueling it, so its future is somewhat unclear.

Hyperliquid (HYPE): Good News Fails to Stop the Slide

Despite positive developments around Hyperliquid, such as listings on South Korean exchanges on November 10 and active buybacks, HYPE is diving. The asset lost around 14% over the week.

Additionally, Hyperliquid saw a bounce to $97 after the October 29 announcement about Hyperliquid-based futures in the US. Unfortunately, it hasn't helped, with HYPE down almost $25 since then.

From a price perspective, the only positive outcome is the breakthrough of the 200 EMA back in August, which might become support at some point, though that has not happened yet.

Currently, Hyperliquid is stuck in the $70-$73 range. It seems unlikely to break out until it hits the 200 EMA at around $68 and bounces off it.

Bitcoin (BTC): ETF Outflows and Weak Catalysts Weigh on Price

Bitcoin is trading at $73,535, down 16% from its September peak. Unfortunately, the market is brutal right now and clearly shows a serious level of pressure.

Bitcoin spot ETFs have lost around $1.6 billion since the beginning of November, though the dynamic is improving. According to Bloomberg's Eric Balchunas, only stock funds saw the biggest inflows, which suggests a continuing trend of outflows from digital gold in favor of more traditional assets.

A better time to buy Bitcoin could be tied to an overall market recovery, and therefore to a better market catalyst, which doesn't exist at this point.

The Anthropic IPO, growing demand for memory chips, and the rapid improvement of AI push investors away from the cryptocurrency industry, which has been in pain for the last two years, lacking catalysts, safety and use cases.

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