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.

Solana network congestion deepens as Musk It (MUSKIT) pumps 500% with Errol Musk’s project claim

Solana faces another round of congestion as the MUSKIT meme coin frenzy continues, driving a 500% surge with Errol Musk's project claim and surging trading volume. Here's how to navigate the Solavax Layer-2 solution.

Solana network congestion is back with a vengeance as the MUSKIT meme coin mania continues unabated, leading to a 500% price pump and a new Errol Musk project claim. Surging trading volume has pushed Solana transaction fees to new highs, highlighting the urgent need for scalable Layer-2 solutions.

Errol Musk, Elon Musk’s father, has unveiled his ownership of the Musk It project, revealing that it is actually called Musk Institute. The MUSKIT coin launched in mid-December last year, but its public affiliation with the Musk family has only come to light now. According to Errol Musk, the project aims to raise funds for Musk Institute, a for-profit think tank focused on scientific pursuits, including flying vehicle development.

Investors are also flocking to the Solaxy project, which is building the first Solana Layer-2 to alleviate 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 is driven by a massive demand spike, fueled by speculation and strong community support. Solana's network, already prone to slowing down during high-traffic periods, is once again experiencing delays and higher gas fees. This congestion underscores the critical need for scalable Layer-2 solutions capable of absorbing the load from rapidly growing projects like MUSKIT.

Despite the congestion, MUSKIT's technical outlook suggests a continuation of the upward momentum following its latest breakout. At press time, MUSKIT's price is hovering around a key resistance level, which has now become a new support zone, indicating strong buying confidence. However, earlier today, MUSKIT experienced a massive, albeit brief, spike to $0.69, hinting at the potential for even greater heights.

On the four-hour chart, MUSKIT is clearly trending upward, trading well above its 9-period EMA and 50-period SMA, confirming the bullish momentum. A golden cross between these moving averages further suggests a continuation of the upward movement.

Indicators like the Relative Strength Index (RSI) show strong buying pressure, currently at 63, just below the overbought territory. This indicates potential for further gains before a short-term correction might set in. The Bollinger Bands are widening, indicating higher volatility, with price action trending toward the upper band, suggesting continued strength.

If buying pressure persists, MUSKIT could aim for the next resistance level at $0.045 before attempting to reach the psychological barrier of $0.05. However, traders should be prepared 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 momentum as speculative interest drives further accumulation. 

Solaxy is layer-2 solution for Solana’s scalability issues

As MUSKIT's success continues to strain Solana's network, investors are seeking the next big project that can address congestion 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 a compelling option for long-term growth.

By integrating advanced Layer-2 technology, Solaxy enhances transaction speeds and drastically reduces fees, resolving the congestion issues that projects like MUSKIT continue to expose. The project's Ethereum-Solana bridge also enables cross-chain compatibility, allowing for seamless transfers between two of the largest blockchain networks.

https://twitter.com/SOLAXYTOKEN/status/1882459105467433452

Solaxy's SOLX token serves as the lifeblood of the ecosystem, powering transactions and securing the network. With early presale pricing at $0.00162, investors can acquire SOLX before the next price tier and begin their journey toward passive income. Additionally, staking rewards of up to 240% APY offer a compelling incentive for long-term holding.

As demand for scalable blockchain solutions escalates, Solaxy is poised to experience a surge in value, especially considering Solana's persistent congestion from meme coin activity. Investors seeking the next breakout