Quick Overview
- SOL advanced approximately 5% during the trading session, reaching $90 with weekly gains approaching 10%
- Alpenglow network upgrade may arrive by Q2 2025, focusing on enhanced transaction confirmation speed
- Derivatives open interest expanded 10% to reach $5.55 billion while options volume jumped 194%
- Short position liquidations exceeded $16 million within a 24-hour period
- Technical resistance levels appear at $90–$92 range, while $85 provides downside support
Solana (SOL) has demonstrated considerable strength this week, approaching the $90 threshold following a robust 5% single-session advance. This upward movement aligns with broader cryptocurrency market gains, where Bitcoin trades above $81,000 and Ethereum hovers around $2,300.
Daily trading volume for SOL expanded 30% to approximately $6 billion throughout the session that challenged the $90 mark. This volume level exceeds 11% of SOL’s total circulating market capitalization, suggesting substantial accumulation pressure at this price point.
Market analyst Ali Charts shared observations via social media indicating that SOL appears “in the middle of a bullish breakout,” while Rand Group highlighted that SOL seemed to be penetrating a yearly downtrend resistance level—a technical marker that traders had monitored for several months.
Solana $SOL is in the middle of a bullish breakout! pic.twitter.com/OvG2KwCaIL
— Ali Charts (@alicharts) May 6, 2026
Derivatives open interest across exchanges increased 10% to reach $5.55 billion. Options trading activity recorded the most dramatic expansion, soaring 194% to $17.72 million. Combined trading volume reached $12.92 billion, representing a 78.75% session-over-session increase.
Forced Liquidations Drive Momentum
Cryptocurrency markets witnessed over $400 million in short position liquidations during a 24-hour window. SOL represented $16 million of this total, marking the largest single-day forced closure of bearish positions for the asset since April 15, when price also tested the $90 level.
Bitcoin comprised less than half of aggregate liquidations during this period. This distribution indicates that alternative cryptocurrencies are becoming more prominent participants in the current market advance.
Year-to-date performance shows SOL gaining 6.5%, while Bitcoin has advanced 17% and Ethereum 10%. This performance differential reflects measured investor sentiment during a phase marked by macroeconomic and geopolitical headwinds. The Fear and Greed Index currently registers at 52, indicating neutral market sentiment.
Alpenglow Protocol Enhancement Approaches
Solana co-founder Anatoly Yakovenko discussed the forthcoming Alpenglow upgrade during his presentation at Consensus Miami 2026. He explained that the enhancement aims to deliver faster and more reliable transaction confirmations, minimizing delays and unpredictability across the network.
🚨JUST IN: @Solana co-founder @toly says Alpenglow, the most significant consensus upgrade proposed in Solana’s history, could release as early as next quarter. pic.twitter.com/EWeaszkAh9
— SolanaFloor (@SolanaFloor) May 5, 2026
Yakovenko indicated the upgrade might deploy as soon as next quarter assuming development progresses according to plan, with a definitive deadline set before year-end. The objective centers on bringing confirmation speeds closer to actual data transmission capabilities.
Chinese cryptocurrency news platform Wu Blockchain provided coverage of the announcement, emphasizing that Alpenglow aims to accommodate time-critical applications through enhanced timing accuracy while maintaining Solana’s established high-throughput architecture.
Technical indicators on the 4-hour timeframe show RSI reaching 71, reflecting robust purchasing momentum. The MACD indicator has formed a bullish crossover pattern. Near-term resistance emerges at $92, with subsequent levels positioned at $96 and $100. Downside support maintains at $85.
Network fee activity remains subdued, with Solana decentralized applications generating approximately $15 million during the previous week, representing a significant decline from the $410 million recorded in January 2025.
