TL;DR:
- The price of Solana (SOL) recorded an 11% increase in 24 hours, reaching $112 per unit, its highest level since January.
- The Bitwise Solana Staking ETF (BSOL) reported an intraday jump of 12.04% to $15.54, with a trading volume of $85 million.
- Liquidations in the SOL derivatives market reached $38.21 million in the last 24 hours, of which $36.72 million were short positions.
The digital asset market stepped on the gas regarding SOL’s valuation. This Friday, Solana surges to $112, in a move that coincides with high institutional activity focused on derivative instruments and exchange-traded funds at the close of the session.
SOL’s price experienced a daily advance of nearly 11%. According to this Friday’s market report, this figure represents the token’s highest valuation since last January.
The rally was accompanied by notable activity in the Bitwise Solana Staking ETF (BSOL) financial product. The instrument advanced 12.04% to mark a unit price of $15.54.
During the session, the traded volume of BSOL stood at approximately $85 million. According to analysts cited by the source, institutional investor interest in structured staking products could be acting as a direct catalyst on the liquidity of the underlying asset.
In the derivatives market, leverage showed a decisive influence on the price trajectory. Total liquidations of contracts linked to Solana accumulated $38.21 million in a 24-hour period.
The imbalance between long and short positions was marked. Market data reflected that $36.72 million came from traders holding short positions, compared to only $1.48 million in long liquidations. This indicates that nearly 96% of the positions forced to close belonged to the bearish camp, a technical phenomenon known as a short squeeze.
Metrics from CoinGlass place global open interest in SOL futures near $7 billion. Additionally, the network moved a volume of $12.140 million in futures contracts over 24 hours, compared to an exchange of $1.490 million recorded in the spot order books.
Institutional Adoption and Network Infrastructure Milestones
The price advance coincided with recent announcements regarding the fundamental aspects of the ecosystem. The Solana Foundation communicated this week the launch of Project Harmonia.
This initiative links the network’s infrastructure with Allfunds, ranked as the largest fund distribution network on a global scale. Allfunds manages nearly €1.9 trillion in assets and interconnects more than 3,300 investment managers and financial institutions.
In parallel, official documentation from the foundation specified that the total value of tokenized real-world assets (RWA) on Solana exceeded $4 billion. The number of addresses holding this type of instrument within the blockchain surpassed the mark of 350,000 active accounts. For its part, the xStocks platform notified more than $500 million in assets under management.
The integration of traditional payments also reported operational advances last month. MoneyGram Ramps enabled services on the Solana network, allowing deposits in more than 25 countries and cash withdrawals in more than 170 territories.
In the technical sphere, network developers are working on reducing block times. Specifications disclosed in August contemplate decreasing slot duration in a staggered manner, progressing from 400 milliseconds to a final target of 200 milliseconds.
The technical community’s attention is now focused on the completion of the testing phase for this speed upgrade scheduled for late September, a date on which the protocol’s performance behavior under high transaction demand conditions will be evaluated.
