Solana climbed 11% to $112 on Thursday, its highest level since January, as ETF inflows, a short squeeze and a run of adoption news lifted the token. The Bitwise Solana Staking ETF rallied alongside it, and separate data show Solana's derivatives open interest and ETF assets both expanding through mid-September.
Solana rose 11% to $112 on Thursday, reaching its highest level since January. The Bitwise Solana Staking ETF (BSOL) climbed to $15.54, up 12.04%, and the fund had already logged roughly $85 million in trading volume. U.Today attributed the move to strong ETF activity, a short squeeze in derivatives markets and growing institutional adoption.
Separately, Solana's price climbed 10.75% to $112.28, a seven-month high, as altcoin demand strengthened alongside a broader market rally. Total futures open interest in Solana sits near $7 billion, CoinGlass data cited by U.Today show. The derivatives market is leaning increasingly on leverage rather than pure spot demand, per that data. On Wednesday, Solana liquidations reached $38.21 million over 24 hours, with $36.72 million of that coming from short positions versus just $1.48 million from longs.
Fresh catalysts behind the rally
Earlier this week, the Solana Foundation announced Project Harmonia, linking Solana with Allfunds, a fund distribution network connecting more than 3,300 asset managers and financial institutions with about €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. Separately, xStocks exceeded $500 million in assets under management.
Last month, Solana announced that MoneyGram Ramps had gone live on the network, with deposits available in more than 25 countries and cash withdrawals in over 170 countries and territories. The network has also recorded technical improvements: in August, Solana said target slot times would be reduced from 400 milliseconds toward 200 milliseconds in stages.
ETF assets and derivatives activity build
Solana ETF assets reached $1.42 billion on September 17, with overall inflows across listed products at $1.37 billion. Bitwise's BSOL led the market with $974.52 million in assets and $1.04 billion in accumulated inflows. Solana derivatives volume rose 71.64% to $12.17 billion, while open interest grew 18.44% to $7.01 billion as traders added positions.
Technically, the RSI stood at 83, signaling overbought conditions with a high likelihood of a temporary pause, though MACD remained positive. Clearing $110 resistance brought the $115 level into focus, with a move above that potentially aiming at $120 and the channel's upper edge near $122. Support may emerge near $107 if SOL loses $110, ahead of the $100 level further below.
Trading involves risk.
Risk Disclaimer
