The cryptocurrency market endured a sharp sell-off over the weekend as Bitcoin plunged below $99,000 – its lowest level since May – amid heightened geopolitical tensions and macroeconomic jitters.
The cryptocurrency market endured a sharp sell-off over the weekend as Bitcoin plunged below $99,000 – its lowest level since May – amid heightened geopolitical tensions and macroeconomic jitters.
Yet, in stark contrast to the broader market turmoil, Solaxy ($SOLX), a new Layer 2 protocol on Solana, launched its presale and raised a staggering $58.16 million, defying the broader sentiment. The coin is now live on CoinMarketCap.
🚨 The $SOLX Token and Claim is LIVE 🚨
This is not a drill. Solaxy is here.
Buy Yours Now 👇
SOLhttps://t.co/puzbobt9Ih pic.twitter.com/YT7qDg9aZd
— SOLAXY (@SOLAXYTOKEN) June 23, 2025
Market Under Pressure: BTC Drops below $99K
The crypto crash was sparked by escalating Middle East tensions, with Iran threatening to block the Strait of Hormuz – a strategic waterway that carries nearly 20% of the world’s oil.
JPMorgan warned that a full closure could send oil prices soaring to $130 per barrel, stoking fears of a resurgence in global inflation.
Bitcoin’s plunge triggered cascading liquidations, with over $1 billion in long positions wiped out in a 24-hour span, mostly on offshore derivatives platforms like Binance and Bybit.
Despite the sell-off, recovery signs emerged. Bitcoin bounced back above $101,000 by late Sunday, and analysts like Arthur Hayes labeled the dip as a “buy opportunity”, emphasizing Bitcoin’s eventual reassertion as a safe haven amid central bank money printing expectations.
However, despite recent weakness, the Total Crypto Market Cap chart suggests a potential bullish breakout is on the horizon.
Total Crypto Market Cap: Technical Breakout Ahead?
As per the weekly chart below, a symmetrical triangle pattern has formed on the weekly timeframe (see chart), with price currently pressing against the triangle’s upper resistance near the $3.06 trillion mark.
Given the preceding uptrend, a bullish breakout is likely. The initial target for a bullish breakout from the triangle stands in the range of $5.05 trillion to $5.25 trillion, calculated by projecting the triangle’s height from the breakout point.
However, for this scenario to play out, the total market cap would need to overcome significant resistance at the previous all-time high of approximately $3 trillion.
Total Crypto Market Cap Weekly Chart. Source: TradingView
The MACD on the weekly remains above the signal line, indicating underlying bullish momentum, while the Balance of Power indicator shows reduced selling pressure compared to earlier capitulation waves.
Solaxy ($SOLX) Defies Market Trend
As market sentiment turned risk-off, Solaxy ($SOLX) surprised investors by not only launching its presale but also securing over $58 million, a notable achievement during a volatile macro backdrop.
Built as a high-speed, modular Layer 2 rollup on Solana, Solaxy aims to unlock the base chain’s full potential with off-chain processing, tailored developer modules, and unmatched scalability.
Unlike traditional Ethereum L2s, Solaxy leverages Solana’s proof-of-stake backbone, processing transactions off-chain and submitting them in optimized batches for finality.
The modular infrastructure also allows developers to build applications tailored to niche use cases – from meme coins to custom financial ecosystems – without compromising speed or security.
The $SOLX token powers the Solaxy ecosystem, acting as the core utility and governance asset across the network. The token can be purchased at the current price of $0.001766, with almost an hour until the next price increase.
Holders can stake the $SOLX token and earn 74% in staking rewards as well. Simply visit the official Solaxy website and connect a supported wallet like Best Wallet and swap crypto or use a card to complete your $SOLX purchase.
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