Global market uncertainty continues to ratchet up by the day as major economies refuse to fold in the ongoing trade war.
In response to China’s 34% reciprocal tariffs, U.S. President Donald Trump has upped the ante by imposing 104% tariffs on the Asian nation, set to take effect at midnight Eastern Time on Wednesday.
Major US stock indices fell sharply on the news after rallying earlier in the day, while the Bitcoin price dipped below $77,000. Haven assets like the US Dollar and Gold are in the red as well.
Once again, the only crypto asset that continues to defy the global financial meltdown is none other than Fartcoin.
After a quick pullback to $0.53, the Solana meme coin has bounced back by 6% to trade at $0.56 at press time.
Trump’s Trade War Heats Up with 104% Tariff on China
Donald Trump’s trade war is heating up, and the global financial markets have no reprieve.
In fact, the US stock market saw the biggest-ever single-day reversal in its history — the S&P 500 erased a 4% rally and closed the day down 3%.
Equities plunged after the White House confirmed that its 104% tariffs on China will go live on Wednesday at midnight.
While the Trump administration is negotiating with several smaller nations, the major economies aren’t backing down. China has already vowed not to back down, indicating that another retaliatory tariff could be coming down the pipeline.
Meanwhile, Canada has also announced 25% counter-tariffs on specific imports, which will come into effect just after midnight as well, Prime Minister Mark Carney confirmed.
Analysts are now expecting more downside volatility in the coming days, especially if China announces another round of counter-tariffs against the US.
Fartcoin Price Continues to Show Resilience — How High Can It Go?
Fartcoin price has become the butt of several jokes, owing to its strength during the broader market uncertainty.
Some analysts are even comparing it to Gold and bonds — instruments that displayed strength during previous market crashes.
After a brief pullback, the Fartcoin price bounced back by 6% and is trading at $0.56 at press time.
Moreover, the Solana meme coin is forming a cup-and-handle pattern, which could pave the way for an explosive rally to $1.
However, sidelined investors should exercise caution and avoid buying Fartcoin until it flips the $0.63 – $0.64 resistance zone. A rejection from this level would indicate another double top and could result in a major correction.
Is Solaxy The Best Solana Meme Coin To Buy Now?
While sidelined investors should hold off on their Fartcoin buys, whales are continuing to pour in six-figure investments into Solaxy (SOLX).
This first-ever prominent Solana Layer-2 coin has already raised nearly $30 million in its ICO, thanks to whale and retail investment alike.
Solaxy is a zero-knowledge rollup-based Layer-2 solution, designed to tackle the network congestion issues on Solana during periods of heavy traffic.
Its cutting-edge design — which includes ZK proofs, a deterministic sequencer, a Hyperlane-powered multi-chain bridge and data availability tools like Celestia and Sovereign — promises low-cost transactions, exponential increase in scalability, and zero downtime on Solana, even during high traffic periods.
Solaxy has already impressed experts with its architecture and is being viewed as a key component of the Solana ecosystem in the future.
Considering that the top Bitcoin and Ethereum L2s have multibillion-dollar valuations, SOLX is also likely undervalued during its presale.
In fact, several experts are calling it the next 10x crypto and one of the best Solana meme coins to buy today.
