SOL climbed to an intraday high of $122.18, pushing into resistance between $122 and $124. The rally follows a Federal Reserve proposal to tighten oversight of stablecoin issuers, a move that touches Solana because the network hosts a large share of stablecoin trading and payments.
Solana rose above $119 and touched $122.18 intraday, its strongest level in months. The token was trading at around $119.51, up 2.13% at the time of writing, after climbing from below $100 earlier in September.
Fed proposes stablecoin safeguards
The Federal Reserve requested public comments on two proposals tied to the GENIUS Act. One proposal requires that any stablecoin under Fed supervision be held 100% against approved assets, such as short-term US treasury bills or other holdings that convert easily into cash. Issuers would also need enough capital to absorb losses, with rules covering risk management, custody, and their ability to return client money on request.
A second proposal would set out how eligible banks and firms can get permission to issue stablecoins. The move does not mean the Fed endorsed Solana or any other blockchain, but it matters to the network because stablecoins account for a large part of its trading volume and payments. Clearer US rules could draw regulated issuers and users toward stablecoins built on public blockchains.
Solana faces its next test near $122
Buyers appear to remain in control following the climb from below $100, and the move came with increased trading activity that gave the recovery some support. Still, SOL has entered the $122–$124 resistance zone without establishing itself above it.
A convincing move beyond $124 could open the door to further gains. If buyers can't sustain the push, the $116 level is the first level to watch, and a deeper pullback could bring the price toward the $108–$110 region, where buyers previously stepped in.
Sources: AMBCrypto, Federal Reserve
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