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Solana faces congestion as Musk It surges 500%, fueled by Errol Musk’s claims of ownership and rising trading volume.
The rise of Musk It (MUSKIT) has caused another wave of congestion on the Solana blockchain as the meme coin frenzy continues to overwhelm network capacity. With MUSKIT pumping over 500% and hitting $0.069, trading volume has exploded, driving increased activity on Solana and pushing transaction fees higher.
The sudden spike in interest was caused by Errol Musk, Elon Musk’s father, who claimed ownership of the Musk It project and dubbed it Musk Institute. The MUSKIT coin launched in mid-December last year, but public affiliation with the Musk family only came to light earlier today. According to Errol Musk, the project’s goal is to raise funding for Musk Institute, a for-profit think tank focused on scientific pursuits, including the development of flying vehicles.
Despite network strain on Solana, investor sentiment remains bullish, and traders continue accumulating MUSKIT, expecting further gains as market momentum builds.
Meanwhile, investors are also backing the new Solaxy project, which is building the first Solana Layer-2 to ease congestion issues and has raised over $16 million through its ongoing presale.
MUSKIT breaks key resistance levels: Where is the price headed next?
This recent MUSKIT price surge follows a dramatic increase in demand, fueled by speculation and strong community backing. Solana’s network, already known for previous slowdowns during high-traffic periods, is once again facing delays and higher gas fees. The congestion highlights the urgent need for scalable Layer-2 solutions capable of absorbing the load from surging projects like MUSKIT.
Despite congestion issues, the technical outlook for MUSKIT suggests continued upside potential following its latest breakout. The MUSKIT price is currently hovering around the key resistance level of $0.038, turning it into a new support zone and signaling strong buyer confidence. However, earlier today, MUSKIT saw a huge, even if biref, spike to $0.69 signaling the potential for new heights.
On the four-hour chart, MUSKIT remains in a clear uptrend, trading well above its 9-period EMA and 50-period SMA, confirming bullish momentum. A golden cross between these moving averages further suggests continued upward movement.
Indicators such as the Relative Strength Index (RSI) show strong buying pressure, currently sitting at 63, just below overbought territory. This suggests room for additional gains before a potential short-term correction. The Bollinger Bands are widening, indicating higher volatility, with price action trending toward the upper band, a sign of continued strength.
If buying pressure holds, MUSKIT could target the next resistance level at $0.045 before attempting to reach the psychological barrier of $0.05. However, traders should watch for short-term retracements, as profit-taking could lead to temporary pullbacks toward the $0.035 support zone before another rally.
While Oscillators are in the red of the “Sell” zone, which is mainly caused by the serious volatility and the unprecedented price hike to $0.69 earlier today, the moving averages are steadily flickering in the “Strong Buy” area, signaling that MUSKIT has a lot more potential.
The overall sentiment remains bullish, and with trading volume surging, MUSKIT may continue to gain traction as speculative interest drives further accumulation.
Solaxy is layer-2 solution for Solana’s scalability issues
As MUSKIT’s success strains Solana, investors are looking for the next big project that can address congestion issues while offering major upside potential. Solaxy (SOLX) has emerged as the first Layer-2 scaling solution designed specifically for Solana’s expanding ecosystem, making it an attractive option for long-term growth.
By integrating advanced Layer-2 technology, Solaxy improves transaction speeds and significantly lowers fees, resolving the congestion issues that projects like MUSKIT continue to expose. The project’s Ethereum-Solana bridge enhances cross-chain compatibility, allowing seamless transfers between two of the largest blockchain networks.
https://twitter.com/SOLAXYTOKEN/status/1882459105467433452
Solaxy’s SOLX token plays a critical role in securing transactions and powering the ecosystem. With its early presale pricing at $0.00162, investors can enter before the next price increase. Additionally, staking rewards of up to 240% APY provide passive income opportunities, making SOLX an attractive long-term investment.
As demand for scalable blockchain solutions grows, Solaxy is well-positioned to surge in value, especially as Solana continues to experience congestion from meme coin activity. Investors looking for the next breakout project should consider SOLX as a top contender in the Layer-2 space.
For more information, visit the Solaxy presale website.
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