Solana Rockets to $112 as BSOL Trading Volume Hits $85 Million

Solana surged to $112 on Thursday, rising about 11% on the day and reaching its highest level since January.

The Bitwise Solana Staking ETF (BSOL) climbed to $15.54, up 12.04%.

BSOL had already seen roughly $85 million in trading volume.

The Solana derivatives data is decisively bullish, but it also shows that leverage is becoming increasingly important to the rally.

CoinGlass data shows that total futures open interest sits near $7 billion.

Solana liquidations reached $38.21 million over 24 hours. Notably, $36.72 million came from shorts versus just $1.48 million from longs. In other words, roughly 96% of the liquidations were bearish positions.

SOL generated around $12.14 billion in 24-hour futures volume compared with just $1.49 billion in spot volume.

Fresh catalysts

The move appears to be getting support due to a slew of fresh catalysts.

Earlier this week, the Solana Foundation announced Project Harmonia. The program has linked Solana with Allfunds, the world’s largest fund distribution network. Allfunds connects more than 3,300 asset managers and financial institutions and oversees around €1.9 trillion in assets under administration.

The Foundation also said Solana’s real-world asset value topped $4 billion, with more than 350,000 addresses holding RWAs on the network. It also reported that xStocks exceeded $500 million in assets under management.

Last month, Solana announced that MoneyGram Ramps had gone live on the network with deposits in more than 25 countries and cash withdrawals in over 170 countries and territories. This was a major win for payments-related adoption.

The Solana network has also recorded notable technical performance improvements. In August, it was announced that target slot times would be reduced from 400 milliseconds toward 200 milliseconds in stages.

Hence, traders are responding to fresh ETF demand, tokenized assets as well network upgrades, and the rally is not just based on pure speculation.