Solana (SOL) climbed above $120 on September 25, reaching an intraday high of $122.18 after a 4.97% daily gain. The move followed a recovery from below $100 earlier in September and outpaced mostly flat Bitcoin, with renewed spot demand, two-week ETF purchases exceeding 1.4 million SOL and roughly $19.5 million in short liquidations supporting the advance. The Federal Reserve also opened a 60-day comment period on two GENIUS Act proposals covering payment-stablecoin reserves, capital, custody, risk management and application procedures for supervised banks. The proposals do not regulate Solana or endorse SOL, although rules for supervised stablecoin issuers could influence activity on public blockchains. SOL now faces resistance between $122 and $124, with a sustained break potentially exposing a $132 technical target. A failure to hold $120 could bring $116 and then the $108 to $110 demand zone into focus. The rally has also improved conditions for Solana-focused digital asset treasury companies, whose mNAVs and access to capital had weakened during the market downturn, though dilution, financing costs, preferred-stock or debt obligations and SOL purchase prices remain risks.