Solana Surges Past $112 Amid Fresh Catalysts
Solana's price surged to $112 on Thursday, marking an increase of about 11% on the day. This is its highest level since January.
The Bitwise Solana Staking ETF (BSOL) also saw significant growth, climbing to $15.54 and rising by 12.04%. BSOL's trading volume reached a substantial $85 million.
The derivatives data suggests that the rally is largely driven by the use of leverage, with total futures open interest sitting near $7 billion. However, this also indicates potential risks for investors.
Solana's recent partnership with Allfunds, which connects more than 3,300 asset managers and financial institutions, has been cited as a key factor in its growth. Additionally, the network's real-world asset value topped $4 billion, and xStocks exceeded $500 million in assets under management.