Solana Surges Past $120 as Bulls Eye $150 Target

Solana (SOL) has broken past $120 after a favorable US inflation backdrop and softer-than-expected data. The token's price surge comes as buyers regain control following a consolidating period, with trading volume standing at approximately $4.2 billion. This represents about 6.5% of SOL's circulating market capitalization.

Analysts had identified the $120 level as an earlier upside target, but rejection from this level earlier in the week suggested buyers needed additional momentum to establish a sustained breakout. The current rally suggests this has been achieved, with SOL now eyeing the next psychological resistance at around $150.

The Solana network's fees have increased by approximately 50% in Q3, reaching $948 million, according to DeFiLlama. This growth indicates greater usage and economic activity within the ecosystem, but it is essential to note that application fees do not automatically translate into revenue for SOL holders.