Solana Surges Past $120 as Bulls Target Next Key Resistance Level
Solana's price has broken through the $120 resistance level after a 4% surge in the last 24 hours, according to recent market data. This comes on the heels of softer-than-expected US inflation data, which allowed buyers to regain control and push SOL's price higher.
The trading volume for Solana stands at approximately $4.2 billion, equivalent to about 6.5% of SOL’s circulating market capitalization. The rally has some analysts eyeing the next psychological resistance around the $150 region, representing a further 25% advance from the breakout level.
Alpenglow's deployment on Solana's testnet and devnet has become a focus for the community, with an ambition to significantly shorten the time needed to finalize transactions. The upgrade aims to move from roughly 12.8 seconds to around 150 milliseconds performance, with encouraging early testing results.
The increase in network fees is also seen as a positive indicator of demand within the ecosystem, rising by approximately 50% from $639 million in Q2 to $948 million in Q3, according to DeFiLlama. However, it's essential to note that application fees are not automatically equivalent to revenue accruing to SOL holders.