Solana (SOL) Price: $16M in Shorts Wiped Out — Is a Breakout Coming?

TLDR

• SOL climbed nearly 5% to hit $90, with a 10% weekly gain
• The Alpenglow upgrade could launch as early as next quarter, targeting faster transaction confirmations
• Open interest rose 10% to $5.55 billion; options volume surged 194%
• Over $16 million in SOL short positions were liquidated in a single day
• Key resistance sits at $90–$92; support holds at $85

Solana (SOL) has been one of the more active altcoins this week, pushing close to the $90 mark after gaining nearly 5% in a single session. The move comes as broader crypto market momentum picks up, with Bitcoin trading above $81,000 and Ethereum near $2,300.

Trading volume for SOL jumped 30% to around $6 billion during the session that tested $90. That figure represents over 11% of SOL’s circulating market cap, pointing to strong buying pressure at that level.

Analyst Ali Charts posted on social media that SOL is “in the middle of a bullish breakout,” while Rand Group noted that SOL appeared to be breaching a yearly downtrend resistance line — a level traders had been watching for months.

Open interest across derivatives exchanges climbed 10% to $5.55 billion. Options trading saw the sharpest move, surging 194% to $17.72 million. Total trading volume reached $12.92 billion, up 78.75% on the session.

Short Squeeze Adds Fuel

More than $400 million in short positions were liquidated across the crypto market in 24 hours. SOL accounted for $16 million of that, the highest single-day short liquidation for the token since April 15, when it also tested $90.

Interestingly, Bitcoin made up less than half of total liquidations. That shift suggests altcoins are beginning to participate more actively in the current rally.

Since January, SOL is up 6.5%, compared to 17% for Bitcoin and 10% for Ethereum. The gap reflects a cautious investor mood during a period of macroeconomic and geopolitical uncertainty. The Fear and Greed Index sits at 52, neutral territory.

Alpenglow Upgrade on the Horizon

Solana co-founder Anatoly Yakovenko spoke about the upcoming Alpenglow upgrade at Consensus Miami 2026. He said the update targets faster and more consistent transaction confirmations, reducing delays and uncertainty on the network.

Yakovenko said the upgrade could launch as early as next quarter if development continues on schedule, with a firm target of before year-end. The goal is to bring confirmation times closer to real data transmission speeds.

Chinese crypto media outlet Wu Blockchain also covered the announcement, noting Alpenglow is designed to support time-sensitive applications by improving timing precision on top of Solana’s existing high throughput.

On the technical side, RSI on the 4-hour chart reached 71, indicating strong buying momentum. The MACD also posted a bullish crossover. Immediate resistance sits at $92, with $96 and $100 as the next levels above that. Support holds at $85.

On-chain fees remain low, with Solana dApps generating around $15 million last week, down sharply from $410 million in January 2025.

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