Significant price corrections like the one see in May inflict widespread pain for a majority of market participants and can be a death sentence for struggling projects as token holders capitulate and dump their holdings for any price offered.
While these periods are useful to help shakeout the weak hands and weed out unnecessary projects, they also offer strong performers the opportunity to stand out from the crowd and attract the attention of eager investors looking for a safe haven during choppy markets.
Two projects that have been more resilient than crypto majors and are down less than 20% from their highs established prior to the May 18 market sell-off are Solana (SOL) and Enzyme (MLN).
Enzyme benefits from the Coinbase bump
Out of the top 200 coins, Enzyme has outperformed the field in terms of bouncing back following the sell-off as the MLN token surged 150% from a low of $75.50 on June 4 to a high at $185 on June