Solana Surges to $112 Amid Institutional Demand

The price of Solana (SOL) surged to $112 per unit on Friday, marking an 11% increase in 24 hours. This is the highest level since January. The Bitwise Solana Staking ETF (BSOL) reported a 12.04% intraday jump 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, with nearly 96% coming from traders holding short positions. This imbalance is known as a short squeeze.

The price advance coincided with recent announcements regarding Solana's ecosystem fundamentals. The Solana Foundation launched Project Harmonia, which links the network's infrastructure with Allfunds, the largest fund distribution network globally, managing nearly €1.9 trillion in assets and interconnecting over 3,300 investment managers and financial institutions.

Additionally, the total value of tokenized real-world assets (RWA) on Solana exceeded $4 billion, with more than 350,000 active addresses holding this type of instrument within the blockchain. The xStocks platform also reported over $500 million in assets under management.