This Week’s Crypto Market Highlights: SOON, ICP, FIL Shine While SPX, VIRTUAL, TAO Struggle
The cryptocurrency market entered a phase of uncertainty this week, marked by fragmented price action and low trading volumes. Major coins like Bitcoin and Ethereum remained stagnant, prompting traders to shift focus toward smaller-cap altcoins in search of higher returns. Amidst this backdrop, several tokens stood out — both for their impressive gains and steep declines.
Top Weekly Gainers
SOON [SOON] – Explosive Breakout Defies Market Sentiment
SOON led the charge with a jaw-dropping 185% surge over the week. Initially, the token had been in a tight consolidation below the $1 mark, dropping 2.24% at the start of the week. However, the narrow range hinted at accumulation, which is often a precursor to a breakout. That breakout came on November 5th, when SOON skyrocketed by 119% in a single day, closing at $1.60 — representing nearly two-thirds of the week’s total gains.
Despite the Relative Strength Index (RSI) entering overbought territory, signaling a potential correction, SOON maintained its momentum. It followed up with another 70% rally, forming two consecutive higher highs by week’s end. Bulls successfully defended key levels, reinforcing the upward trend. Looking ahead, the $2.50 resistance level appears to be the next target, with the recent dip to $2.15 possibly flipping into a new support zone.
Internet Computer [ICP] – AI Integration Drives Rally
ICP followed closely, recording a 70% gain, thanks in large part to the launch of its AI initiative, Caffeine. The platform’s release generated considerable buzz, attracting capital inflows and renewed interest in the project. However, the excitement may have outpaced fundamentals. After peaking above $9, ICP retracted by about 20%, suggesting profit-taking and potential exhaustion among buyers.
A significant $85 million entered the derivatives market during the rally, placing bullish traders in a vulnerable position. Unless fresh demand emerges, ICP’s momentum could wane, with current price levels susceptible to a deeper pullback.
Filecoin [FIL] – Storage Sector Momentum Fuels Uptrend
FIL was another standout performer, rising 54% as enthusiasm grew around decentralized physical infrastructure networks (DePIN) in anticipation of the upcoming ‘DePIN Day’ on November 18. Trading activity surged, with an 819% spike in volume and a 115.8% increase in open interest. However, a sudden wave of selling erased over 25% of gains in a matter of days.
If bulls fail to establish a robust support zone, FIL may revisit the $1.70 range. Nonetheless, if buying pressure returns, the next upside targets lie between $2.40 and $2.60.
Other Noteworthy Gainers
Smaller altcoins also saw impressive upward moves. DeAgentAI [AIA] exploded with a 568% increase, while Ore [ORE] and Tomi [TOMI] followed with gains of 395% and 268%, respectively. These rapid rises were largely news-driven and speculative, underscoring the market’s shift toward high-volatility plays.
Top Weekly Losers
SPX6900 [SPX] – Memecoin Correction Deepens
SPX led the pack of losers, falling 25% amid a broader memecoin pullback. The synthetic index token has now logged four consecutive weekly declines, plunging from $1.60 to $0.67. A critical support at $0.80 gave way, leaving the token vulnerable to further downside.
Although some spot buyers attempted to stabilize SPX, the lack of strong support and continued bearish pressure could push it below $0.60, potentially revisiting prices last seen before the April market turbulence.
Virtuals Protocol [VIRTUAL] – Resistance Holds Firm
The AI-centric Virtuals Protocol also suffered, as it failed to break through a key resistance barrier. The token stalled despite broader interest in AI tokens and ended the week significantly lower. Without a clear bullish catalyst, VIRTUAL may remain under pressure, particularly if market sentiment continues to favor risk-off assets.
Bittensor [TAO] – Trader Exodus Hits AI Blockchain
TAO, another AI-focused blockchain, saw a sharp decline as traders exited en masse. Weak demand and fading hype contributed to its downtrend. The lack of sustained buying interest suggests TAO may need to reset before any potential recovery can occur.
Other Decliners Worth Noting
While not in the top three, several other altcoins also posted double-digit losses. These included lesser-known speculative assets that had previously seen sharp gains, underscoring the volatility and risk in chasing short-term pumps.
Market Sentiment: Stuck in Limbo
This week’s overall market conditions reflected indecisiveness. Bitcoin hovered near the $100,000 psychological level but failed to build on its momentum, while Ethereum drifted sideways with weak volume. The lack of direction in major assets left traders looking for action in microcaps and narrative-driven tokens.
However, this rotation into smaller coins comes with elevated risk. Many of the week’s top gainers could just as easily reverse course, especially if broader market sentiment deteriorates or key resistance levels hold.
What Does This Mean for Traders?
For investors and traders, the current environment demands agility and caution. While short-term opportunities exist in altcoins driven by news or hype, the sustainability of these moves remains questionable. Traders should:
– Monitor volume and volatility closely to detect early signs of trend exhaustion.
– Use stop-losses to manage risk in highly speculative plays.
– Watch Bitcoin and Ethereum for signs of renewed strength or breakdowns, as their moves often set the tone for the rest of the market.
What to Watch Next Week
Looking ahead, several developments could impact the crypto landscape:
– The upcoming DePIN Day could continue to boost tokens like FIL if interest holds.
– AI tokens will remain in focus, especially if projects like ICP and TAO deliver substantive updates.
– Macroeconomic factors and regulatory news could reintroduce volatility into the majors, drawing attention back to BTC and ETH.
Final Thoughts
This week in crypto highlighted the growing divergence between established coins and emerging speculative plays. While tokens like SOON and ICP delivered outsized returns, others like SPX and TAO exposed the risks of chasing hype without solid support. As the market remains in flux, staying informed and reactive is more crucial than ever.