If its downtrend people will release their token as fast they could to retain profit or simply maintain their position for another dip, this is the period where real investor starts to go off once it reaches any exchange, i seen projects like this and hasn't recover back to ICO price, but still there are successful ones, which give their investors 10x profit after few months if they HODL, i will sell if the market is done as its too early to justify an project is promising, working well in long term.