Solana Price Surges to $112.64 on Momentum from September Updates

Solana's price has seen a significant surge in recent hours, rising by 10.82% to $112.64 within 24 hours.

This increase brings SOL closer to its upper end of trading range and sets the stage for it to potentially reach $120 as its next significant price target.

The momentum behind Solana's price is largely attributed to the recent updates from the Solana Developers, who posted a September Changelog on X highlighting ongoing network and developer ecosystem upgrades.

This development has provided a fundamental context to the current market movement, which had SOL stuck in consolidation between $100-$108 prior to the latest surge.

The daily chart of SOL shows that it trades significantly above both moving averages, with its 50-day and 200-day moving averages standing at $83.58 and $90.75 respectively.

This supports the continuation of the existing bullish trend, but the distance from the moving averages is considerable due to Solana's quick price move.