Solana Surges Past $120 as Network Fees Jump 50%

Solana has broken through the $120 resistance level after its price surged by 4% in the last 24 hours, according to Invezz. The network fees have also jumped by approximately 50%, reaching $948 million in Q3. This increase in application fees could indicate greater usage and economic activity within the ecosystem.

The Solana community is eagerly awaiting the deployment of Alpenglow on its testnet and devnet, which aims to significantly shorten the time needed for transactions to finalize, from 12.8 seconds to around 150 milliseconds performance.

With the recent US inflation data showing softer-than-expected numbers, buyers have regained control and pushed SOL's price higher. The rally comes after a consolidation below $120, but it does not automatically end a short-term downtrend. However, the next response above $120 will help determine whether this is a resumption of Solana's earlier rally.

Traders are now eyeing the next psychological resistance level at $150, which represents a 25% advance from the breakout level. The SOL/USD daily chart remains bullish as Solana surges past the $120 resistance.