Crypto Market Slides as SEC Delays Key ETF Filings

On June 12, 2025, a noticeable decline occurred in the cryptocurrency market . This setback was marked by substantial devaluation in major altcoins such as Solana $158 (SOL), Dogecoin $0.186928 (DOGE), Cardano $0.680209 ( ADA ), and Avalanche (AVAX). The downward trend was attributed to several factors, including the U.S. Securities and Exchange Commission’s (SEC) decision to delay some spot ETF applications, breaches in technical support levels, and a general reduction in market risk appetite. Moreover, Bitcoin’s (BTC) depreciation featured a domino effect, further pressurizing altcoin prices.

Impact on Solana

Solana experienced a 4.5% value loss within 24 hours. This decline stemmed from the SEC’s request on June 12 for updated S-1 forms from ETF applicants, including 21Shares. The regulatory body’s ambiguity on 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.

The 2.46% decline in Bitcoin $107,437 intensified Solana’s value loss, owing to the high correlation with BTC at a level of 0.87. In addition, based on Artemis data, over $10 million flowed out from Solana to Ethereum $2,733 bridges. Technically, SOL lost the crucial $160 support level, which is the 20-day simple moving average. Weak MACD signals (-2.43 signal line) and RSI-14 figures (51.03) falling below its 21-day average (51.28) confirmed the bearish momentum.

Dogecoin, Cardano, and Avalanche Outlook

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), while dipping below the 10-day simple moving average ($0.188). An RSI-14 level at 46.28 and weak bullish signals in the MACD histogram increased selling pressure. Macroeconomic developments like U.S. President Trump’s tariff announcements prompted risk aversion affecting DOGE’s outlook.

Cardano dropped 5.4%, negatively impacted by the SEC postponing its decision on Grayscale’s Cardano ETF application to late June 2025. ADA couldn’t maintain its position above 38.2% Fibonacci level ($0.705) and fell below the 10-day average ($0.678). The shrinking bullish bars in the MACD histogram indicated weakening upward momentum.

Avalanche’s value diminished by 5.6% as Bitcoin fell below $108,000, erasing $70 billion in overall market value. AVAX failed to sustain its critical support in the $22.20-$22.25 range. The SEC postponed Grayscale’s AVAX ETF decision to July 15, while pre-G7 summit uncertainty further encouraged cautious investor behavior. With an RSI level at 49.64, AVAX appeared neutral but trended downward.