Solana Braces For A Dual-Test Setup – Here’s What Could Happen Next

The launch of Grayscale's spot Dogecoin ETF on November 24, 2025, was met with disappointing trading volumes, reaching approximately $1.4 million on its first day, significantly lower than analysts' expectations. This muted response reflects a lack of enthusiasm in the market despite the anticipation surrounding the first-ever Dogecoin ETF.

The Bitcoin market has stabilized around $90,000 following a recovery from a significant drop to $80,000, suggesting a potential local bottom formation. Recent data from Bitcoin miners indicates they are underpaid, historically a strong signal for market reversals. Analysts are observing this behavior closely as it aligns with the recent price movements and miner activity.

Arthur Hayes, co-founder of BitMEX, has stated that most Layer 1 (L1) cryptocurrencies outside of Ethereum and Solana are likely to decline significantly, potentially heading towards zero. This assertion highlights concerns about the sustainability and viability of numerous blockchain projects in the current market landscape.

Solana spot ETFs saw a recovery with $5.37 million in net inflows on November 28, ending a 21-day losing streak, despite the SOL price dropping below $140 to $137 amid broader market weakness. Grayscale's GSOL led the inflows, indicating renewed interest in Solana-based investments.

CoinShares has decided to withdraw its applications for multiple cryptocurrency exchange-traded funds (ETFs) with the United States Securities and Exchange Commission (SEC), including those for Solana and XRP. This strategic shift reflects the firm's reassessment of the saturated US crypto ETF market amid ongoing regulatory challenges.

Upbit, South Korea's largest cryptocurrency exchange, has reported a significant hack resulting in the unauthorized withdrawal of approximately $36 million in assets from its Solana network. The exchange has suspended all deposits and withdrawals while an investigation is underway, with authorities suspecting the involvement of North Korea's Lazarus Group in the breach.

Turbo (TURBO) surged by 50%, while Wojak (WOJAK) also saw significant gains, marking a robust recovery in the meme-coin market as traders shifted towards higher-risk tokens. This upward momentum occurred over a 24-hour period leading into the weekend of November 29, 2025.

Bitcoin (BTC) is attempting to recover from a recent market correction, having retested a crucial resistance level at $93,092 before retracing. The cryptocurrency has struggled to maintain support levels, trading below $100,000 for nearly two weeks, and recently dropped to a seven-month low of $80,600. Analysts suggest that the upcoming close of November could be pivotal for Bitcoin's end-of-year performance.