Solana's price has been under pressure today, primarily due to network congestion caused by the explosive rise of the Musk It (MUSKIT) token. The meme coin, backed by Errol Musk, surged over 500%, leading to increased trading volume and higher transaction fees on the Solana blockchain. This congestion has highlighted the network's capacity issues, causing delays and impacting Solana's performance. Despite the strain, investor sentiment around MUSKIT remains bullish, with traders continuing to accumulate the token in anticipation of further gains.
Adding to the downward pressure on Solana is the broader bearish trend affecting major cryptocurrencies, including Avalanche. Both tokens have struggled to regain momentum amid market uncertainty and technical challenges. Solana's price has been fluctuating, with analysts offering varied projections for its future value. While some foresee potential gains, the current market conditions have made it difficult for Solana to break out of its consolidation phase.
Solana's price has decreased by 2.65% today, reaching a low of $225.51.