Solana, Avalanche Tokens Slide as Bitcoin Traders Target Eye Support at $38K
Summary
Major tokens, including Solana's SOL and Avalanche's AVAX, dropped in the past 24 hours due to institutional sales linked to new ETFs. Solana's BONK fell 10%, and Avalanche's JOE dropped 12%. Dogecoin retraced its weekend move to 6 cents after hitting 9 cents. FTX's FTT and Uma Network's UMA were among the few tokens in the green. Bitfinex analysts noted that over half of the profits for short-term bitcoin holders have been wiped out, potentially leading to selling pressure and a further market drop, with expectations of bitcoin falling as low as $38,000.
