Solana Surges Past $120, Eyes $150 Target as Fees Soar

Solana has broken through the $120 resistance level after a 4% surge in the last 24 hours, fueled by softer-than-expected US inflation data.

The rally comes on the back of a consolidating period for the network, with trading volume reaching approximately $4.2 billion, or around 6.5% of Solana's circulating market capitalization.

While some analysts had earlier identified $120 as an upside target, the rejection from this level earlier in the week suggested that buyers needed additional momentum to establish a sustained breakout.

The recent rally has also seen the fees generated by the Solana network increase by 50%, rising from $639 million in Q2 to $948 million in Q3, according to DeFiLlama.