The cryptocurrency market ended October on a weak note, but early November is generating new activity in several altcoins. While Bitcoin remains range-bound, projects like Sonic, THORChain, and Sky Network are entering major upgrade cycles that could influence near-term sentiment among traders.
Sonic (S): Network update adds rate subsidies and security fixes
Sonic Network is set to release version 2.1.2 of its main and test network, an update that will introduce native rate subsidies and key security improvements. These changes are aimed at improving network performance and user reliability, which could restore investor confidence after a difficult month.
At press time, S is trading near $0.1299, about 25% below recent highs but holding above critical support at $0.128. The RSI indicates oversold conditions, often a sign of possible short-term stabilization.
If market sentiment improves after the update, a rally towards $0.159-$0.176 is possible. However, sustained weakness below $0.128 could push Sonic lower, testing $0.112 or even $0.100, indicating that sellers remain dominant.
THORChain (RUNE): Version 3.12 Update Builds Anticipation for Traders
The THORChain developers are finalizing their V3.12 update, although specific details have not yet been revealed. The secrecy has fueled speculation among traders, many of whom anticipate improvements in liquidity and performance.
RUNE price has fallen by around 13% over the past week and is currently trading near $0.809. Technical indicators, including the convergence of Bollinger Bands, point to an upcoming volatility peak.
A bullish reaction to the upgrade could take RUNE above $0.855, with room to challenge $0.951. Conversely, if the launch disappoints or market pressure continues, the token could retest $0.765, deepening recent losses.
Sky Network (SKY): Buyback vote tests market confidence
The Sky Network community approved a new Executive Vote that increases daily buybacks to $300,000 and allocates 500 million SKY to the treasury for staking incentives. The measure aims to balance supply, encourage participation and strengthen symbolic demand.
After losing almost 8% this week, SKY is testing support near $0.0545. A bounce from this level could send the token towards $0.0559 and $0.0575, erasing recent declines. But if sentiment remains subdued, a drop below $0.0545 may drag the asset towards $0.0536, extending its downtrend.
Market view
Operators are watching to see if real network progress can offset the caution that dominated in October.
-
Sonic 2.1.2 Released will show whether a steady technical delivery can lift the token out of an oversold zone.
-
THORChain V3.12 ReleasedStill short on public details, it is proof of investor confidence in a project that depends on the depth of liquidity.
-
Sky Network’s governance change It measures how far domestic reforms can go to support price stability without a broader market tailwind.
Each of these updates has direct implications for liquidity, staking returns, and user engagement – ​​factors that tend to move prices more than short-term hype. Whether those fundamentals translate into lasting momentum will depend less on optimism and more on execution in the days ahead.
Also read: 5 Simple Crypto Strategies Anyone Can Use to Build Wealth