Elon Musk’s dad launches Musk It token, triggering Solana congestion
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Solana faces congestion as Musk It surges 500%, fueled by Errol Musk’s claims of possession and rising buying and selling quantity.
The rise of Musk It (MUSKIT) has brought about one other wave of congestion on the Solana blockchain because the meme coin frenzy continues to overwhelm community capability. With MUSKIT pumping over 500% and hitting $0.069, buying and selling quantity has exploded, driving elevated exercise on Solana and pushing transaction charges increased.
The sudden spike in curiosity was brought on by Errol Musk, Elon Musk’s father, who claimed possession of the Musk It mission and dubbed it Musk Institute. The MUSKIT coin launched in mid-December final yr, however public affiliation with the Musk household solely got here to gentle earlier as we speak. In line with Errol Musk, the mission’s aim is to boost funding for Musk Institute, a for-profit assume tank centered on scientific pursuits, together with the event of flying automobiles.
Regardless of community pressure on Solana, investor sentiment stays bullish, and merchants proceed accumulating MUSKIT, anticipating additional features as market momentum builds.
In the meantime, buyers are additionally backing the brand new Solaxy mission, which is constructing the primary Solana Layer-2 to ease congestion points and has raised over $16 million by its ongoing presale.
MUSKIT breaks key resistance ranges: The place is the value headed subsequent?
This current MUSKIT value surge follows a dramatic improve in demand, fueled by hypothesis and robust group backing. Solana’s community, already recognized for earlier slowdowns throughout high-traffic intervals, is as soon as once more going through delays and better gasoline charges. The congestion highlights the pressing want for scalable Layer-2 options able to absorbing the load from surging tasks like MUSKIT.
Regardless of congestion points, the technical outlook for MUSKIT suggests continued upside potential following its newest breakout. The MUSKIT value is presently hovering round the important thing resistance stage of $0.038, turning it into a brand new assist zone and signaling sturdy purchaser confidence. Nevertheless, earlier as we speak, MUSKIT noticed an enormous, even when biref, spike to $0.69 signaling the potential for brand spanking new heights.
On the four-hour chart, MUSKIT stays in a transparent uptrend, buying and selling properly above its 9-period EMA and 50-period SMA, confirming bullish momentum. A golden cross between these shifting averages additional suggests continued upward motion.
Indicators such because the Relative Power Index (RSI) present sturdy shopping for stress, presently sitting at 63, slightly below overbought territory. This implies room for extra features earlier than a possible short-term correction. The Bollinger Bands are widening, indicating increased volatility, with value motion trending towards the higher band, an indication of continued power.
If shopping for stress holds, MUSKIT might goal the subsequent resistance stage at $0.045 earlier than making an attempt to succeed in the psychological barrier of $0.05. Nevertheless, merchants ought to look ahead to short-term retracements, as profit-taking might result in short-term pullbacks towards the $0.035 assist zone earlier than one other rally.
Whereas Oscillators are within the purple of the “Promote” zone, which is especially brought on by the intense volatility and the unprecedented value hike to $0.69 earlier as we speak, the shifting averages are steadily flickering within the “Sturdy Purchase” space, signaling that MUSKIT has much more potential.
The general sentiment stays bullish, and with buying and selling quantity surging, MUSKIT could proceed to achieve traction as speculative curiosity drives additional accumulation.
Solaxy is layer-2 resolution for Solana’s scalability points
As MUSKIT’s success strains Solana, buyers are in search of the subsequent large mission that may tackle congestion points whereas providing main upside potential. Solaxy (SOLX) has emerged as the primary Layer-2 scaling resolution designed particularly for Solana’s increasing ecosystem, making it a beautiful possibility for long-term development.
By integrating superior Layer-2 know-how, Solaxy improves transaction speeds and considerably lowers charges, resolving the congestion points that tasks like MUSKIT proceed to show. The mission’s Ethereum-Solana bridge enhances cross-chain compatibility, permitting seamless transfers between two of the most important blockchain networks.
https://twitter.com/SOLAXYTOKEN/status/1882459105467433452
Solaxy’s SOLX token performs a crucial function in securing transactions and powering the ecosystem. With its early presale pricing at $0.00162, buyers can enter earlier than the subsequent value improve. Moreover, staking rewards of as much as 240% APY present passive earnings alternatives, making SOLX a beautiful long-term funding.
As demand for scalable blockchain options grows, Solaxy is well-positioned to surge in worth, particularly as Solana continues to expertise congestion from meme coin exercise. Traders in search of the subsequent breakout mission ought to contemplate SOLX as a prime contender within the Layer-2 area.
For extra data, visit the Solaxy presale website.
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