Solana rose to $112, gaining about 11 percent in a day. It was the highest level since January. According to blockchain media outlet U.Today on Sept. 18 local time, Bitwise’s Solana staking ETF, BSOL, also rose 12.04 percent to $15.54, and trading volume had already reached $85 million.

Derivatives indicators also showed strength. Solana futures open interest neared $7 billion, according to Coinglass. Liquidations over the past 24 hours totaled $38.21 million, of which $36.72 million came from short positions. Liquidations of long positions were limited to $1.48 million, meaning about 96 percent of total liquidations were concentrated in downside bets.

Futures, rather than spot, led trading. Solana’s 24-hour futures trading volume was about $12.14 billion, while spot volume was $1.49 billion. This also showed that the impact of leverage grew in the latest rise.

Several recent developments were cited as drivers of the rise. The Solana Foundation announced Project Harmonia earlier this week and connected Solana to Allfunds, described as the world’s largest fund distribution network. Allfunds links more than 3,300 asset managers and financial institutions and oversees about 1.9 trillion euros in assets under management.

Expansion of real-world assets also continued. The Solana Foundation said the value of real-world assets on the network surpassed $4 billion and that more than 350,000 addresses hold them. Assets under management for xStocks also surpassed $500 million.

Improvements in payments and network performance also helped. Last month, the MoneyGram ramp began operating on the Solana network, enabling deposits in more than 25 countries and cash withdrawals in more than 170 countries and territories. In August, a plan was also unveiled to gradually reduce the target slot time from 400 milliseconds toward 200 milliseconds.