Solana Surges to $112 Amid BSOL Trading Volume Breaks $85 Million

Solana (SOL) has surged to $112, marking an 11% increase within a single day. This represents the highest level since January, according to U.Today reports citing Bitwise's Solana staking ETF BSOL, which rose 12.04% to $15.54 and recorded trading volume of $85 million.

Derivatives indicators also showed strength, with Solana futures open interest nearing $7 billion according to CoinGlass. The 24-hour liquidation volume stood at $38.21 million, of which $36.72 million came from short positions, indicating that approximately 96% of all liquidations were tied to bearish bets.

Futures trading dominated over spot markets, with Solana's 24-hour futures volume reaching around $12.14 billion compared to $1.49 billion in spot volume. The rise was also influenced by leverage effects, as highlighted by market dynamics.

Several catalysts contributed to the upward movement. Solana Foundation recently announced Project Harmony and connected with Allfunds, a global fund distribution network linking over 3,300 asset management firms and financial institutions managing approximately €1.9 trillion in assets. The foundation also reported that real-world asset value on its network has surpassed $4 billion, held by over 350,000 addresses, with xStocks' AUM exceeding $500 million.

Payment and network performance improvements also played a role. MoneyGram Ramp launched on Solana's network last month, enabling deposits in over 25 countries and cash withdrawals across more than 170 regions. In August, the foundation announced plans to gradually reduce target slot times from 400 milliseconds to 200 milliseconds.