Solana is up by 4% in the last 24 hours, reclaiming the $120 resistance as buyers regain control following a consolidating last few days.
The rally comes after a more favorable US inflation backdrop. Trading volume stands at approximately $4.2 billion, equivalent to about 6.5% of SOL’s circulating market capitalization.
The rally comes after a consolidation below $120, with the broader market structure still bullish.
SOL reclaims $120 resistance as major cryptos rally
SOL encountered selling pressure around $120 earlier this week, a level identified as an earlier upside target by analysts.
The rejection from this level earlier this week suggested that buyers need additional momentum before the token can establish a sustained breakout.
Softer-than-expected US inflation data allowed buyers to firmly regain control and push SOL’s price higher over the last 24 hours.
A rally to the resistance level does not automatically end a short-term downtrend. However, the next response above $120 will help determine whether this is a resumption of its earlier rally.
Traders are already eyeing the next psychological resistance around the $150 region.
Alpenglow’s deployment on Solana’s testnet and devnet has become a focus for the community.
The upgrade is intended to significantly shorten the time needed to finalize transactions. The source describes an ambition to move from roughly 12.8 seconds to around 150 milliseconds performance and reports encouraging early testing.
Those figures concern development environments and intended performance. They should not be treated as established mainnet results.
Faster finality could benefit applications that depend on rapid confirmation, including trading and other financial services. Its practical impact will depend on reliable performance under production conditions.
The supplied article does not provide a confirmed mainnet activation date, leaving implementation timing as an important part of the outlook.
According to DeFiLlama, the fees generated by the Solana network increased from $639 million in Q2 to $948 million in Q3. That is a rise of approximately 50%, with growth recorded across three consecutive months.
Higher application fees can indicate greater usage and economic activity within the ecosystem. They provide a separate measure of demand beyond speculative trading in SOL.
However, application fees are not automatically equivalent to revenue accruing to SOL holders. Their relevance to the token depends on how activity translates into network demand and broader market valuation.
The increase nevertheless strengthens the argument that Solana’s recent interest extends beyond an anticipated technical upgrade.
Solana technical outlook: Bulls eye the $150 resistance level
The SOL/USD daily chart remains bullish as Solana surges past the $120 resistance. The rally comes after the bulls defended the $110 support level over the past few days.
With Solana surging past $120, the bulls are now targeting the next key resistance level at $150 in the near term. This would represent a further 25% advance from the breakout level.
Successful Alpenglow implementation is presented as a potential catalyst, alongside stronger ecosystem activity.
Failure to close the daily candle above $120 could see the bears regain control and retest the $110 support level once again.
That zone is presented as a potential area where buyers could return, rather than a guaranteed floor.
However, failure to stabilize around the $110 support would weaken the proposed recovery setup in the near term.
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