Solana (SOL) Surges 8% to Reclaim $124—Is $150 Next?

Solana (SOL) has rebounded strongly, emerging as the best-performing altcoin in the top 10 today. After an extended period of market volatility, SOL surged by 8% in early trading to reclaim the key $124 resistance level. The move marks a full recovery from last week’s losses, with the token now up 2.68% over the past seven days.

This bullish momentum is backed by improving technical and on-chain metrics. Trading volume has spiked significantly—jumping over 300%—indicating renewed interest from investors. The Relative Strength Index (RSI) has climbed to 49, moving out of oversold territory and into a neutral zone. While this signals growing buying pressure, a complete confirmation of a breakout requires a bullish MA cross to nullify the lingering death cross.

Fundamentally, Solana is gaining ground. The ecosystem recently received a boost after USDC's issuer minted 250 million USDC on the Solana blockchain, reinforcing confidence in its DeFi capabilities. Moreover, Grayscale Investments is progressing with a proposed Solana ETF, which could attract substantial institutional interest.

Open interest in Solana derivatives is also rising, suggesting broader market confidence. Additionally, Solana’s ecosystem continues to evolve, with rapid innovation in decentralized apps and the resurgence of meme coin activity, contributing to the current price push.

With technicals stabilizing and fundamentals strengthening, the possibility of SOL reclaiming the $150 level looks increasingly plausible. However, traders should watch for further confirmation signals before calling a full breakout. As Solana continues to attract both retail and institutional attention, it remains one of the most closely watched altcoins in the crypto market.