SOL, the native token of the Solana network, surged past the $112 mark on Friday, reaching its highest valuation since January of the prior year.
This decisive price jump was not an isolated market tremor but directly fueled by a massive capital influx into the Bitwise Solana Staking ETF (BSOL.US) (BSOL (BSOL.US)), highlighting a strong institutional preference for structured staking products that is reshaping the asset's liquidity foundation.
From a market microstructure perspective, SOL’s near 11% daily gain was underpinned by intense long-short battles in the derivatives market. Data indicates that BSOL (BSOL.US) saw trading volume hit $85 million during the session, with its unit price climbing to $15.54, a gain of 12.04%.
Meanwhile, leverage liquidation data has revealed a distinct 'short squeeze' phenomenon: over the past 24 hours, total liquidations for Solana-related contracts reached $38.21 million, with $36.72 million of that stemming from short positions. Long liquidations accounted for a mere $1.48 million, meaning nearly 96% of all forced closures originated from the bearish side.
Global SOL futures open interest is approaching $7 billion in total value, yet liquidity distribution is extremely uneven—with futures contract trading volume hitting $12.14 million over 24 hours compared to just $1.49 million on spot order books. This derivatives-dominant trading structure has amplified the magnitude of price swings.
Positive developments at the ecosystem level have further solidified market confidence. The Solana Foundation officially launched Project Harmonia this week, aiming to connect network infrastructure with Allfunds, the world's largest fund distribution network. Allfunds manages nearly €1.9 trillion in assets and connects over 3,300 investment institutions, a move poised to dramatically broaden access to traditional capital.
In the real-world assets (RWA) sector, the total value of tokenized RWA on the Solana blockchain has surpassed $4 billion, with active holding addresses exceeding 350,000; among these, the xStocks platform claims to manage over $500 million in assets. Additionally, traditional payment integration is accelerating—last month, MoneyGram Ramps went live on the Solana network, supporting deposits across 25 countries and cash withdrawal services in over 170 regions, enhancing fiat on-and-off ramp efficiency.
On the technical upgrade front, network developers are focused on shortening block times to boost throughput. According to the roadmap published in August, block intervals will be progressively halved from the current 400 milliseconds to 200 milliseconds. The team is currently concentrating resources on completing testing scheduled for the end of September, with a focus on evaluating protocol stability under high transaction volume pressure. If this technical iteration succeeds, it will further reinforce Solana's competitive edge as a high-performance public chain, providing the underlying support for future institution-grade applications.