COIN - 2 Cryptocurrencies That Are Down 12% and Ready to Pop
2023-06-23 05:59:00 ET
The past 30 days have roiled the crypto market. On top of concerns about the macroeconomic environment, fresh regulatory uncertainty now hangs over some of the biggest tokens. As a result, some top cryptos have fallen 12% or more over the past month.
But guess what? That opens up a number of buying opportunities. The key, of course, is trying to figure out which cryptos have been unfairly driven down past their fair values and are worth buying on the dip. Two that stand out to me as fitting that description are Solana (CRYPTO: SOL) and Avalanche (CRYPTO: AVAX), both of which are Layer 1 blockchain networks.
Solana has fallen by 12% over the past 30 days, largely in response to the threat of regulatory action. Earlier this month, the Securities and Exchange Commission (SEC) filed lawsuits against two top cryptocurrency exchanges: Binance (CRYPTO: BNB) and Coinbase (NASDAQ: COIN) . Among the claims in those lawsuits was that the companies were operating unregistered securities trading platforms that were facilitating the buying and selling of unregistered securities. The SEC named Solana as one of the unregistered securities that these exchanges were improperly offering to customers.
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2 Cryptocurrencies That Are Down 12% and Ready to Pop