On June 12, 2025, a noticeable decline occurred in the cryptocurrency market, impacting major altcoins including Solana, Dogecoin, Cardano, and Avalanche. This downturn was attributed to several factors, including delays in ETF approvals by the SEC.
Impact on Solana
Solana experienced a 4.5% loss in value within 24 hours. This decline stemmed from the SEC’s request for updated S-1 forms from ETF applicants, including 21Shares. The uncertainty regarding whether SOL’s staking returns exceeding 5% might be classified as securities added complexity. Following the $23 million long position liquidations in May, these developments triggered a 'sell on news' phenomenon.
Outlook for Dogecoin, Cardano, and Avalanche
Dogecoin suffered a substantial 6.3% devaluation, exacerbated by Bitcoin dropping below $110,000 and broader market distress. DOGE faced resistance at its pivot point ($0.196) and the 23.6% Fibonacci level ($0.234), dipping below the 10-day simple moving average ($0.188). Cardano dropped 5.4% negatively impacted by the SEC's postponement of its Cardano ETF application. Avalanche’s value diminished by 5.6%, unable to sustain its critical support level.
Overall Trends and Conclusions
The overall trend in the market points to declining prices, triggered not only by internal SEC events but also by global economic changes. Investors are exhibiting caution as they await further regulatory decisions.
The cryptocurrency market shows negative trends amid uncertainty and regulatory delays, putting pressure on the price levels of altcoins.
