Solana, Said to Go to $100...Derivatives Market Explodes Ahead of Upgrade

▲ Solana (SOL)

Solana (SOL) showed strong movements in both price and the derivatives market ahead of its Alpenglow upgrade. Solana rose 3.90% in the last 24 hours, reaching $88.80, and also saw a 10% increase on a weekly basis. With open interest and trading volume surging, market attention has shifted to the possibility of breaking through $100.

CoinGape reported on May 6 that Solana is pushing for the Alpenglow upgrade as early as the next quarter. Solana co-founder Anatoly Yakovenko described Alpenglow as a significant milestone in Solana blockchain development during a panel at Consensus Miami 2026. Yakovenko stated that the upgrade would enhance transaction confirmation capabilities across the network, mentioning a public release "before the end of this year" and that a launch in the next quarter is possible if development proceeds smoothly.

The Alpenglow upgrade focuses on improving transaction finality and confirmation reliability. Yakovenko outlined the direction of making confirmation times closer to actual data transfer capabilities. The core aim is to enhance network efficiency in large-scale financial application environments and to provide more consistent transaction confirmation times even during periods of increased network activity.

In the derivatives market, Solana's buying pressure was confirmed by numbers. According to Coinglass data, trading volume increased by 78.75% to $12.92 billion in recent sessions. Open interest rose by 10.03% to approximately $5.55 billion across exchanges. Options trading saw the largest increase, surging by 194.40% to $17.72 million.

Technical indicators also supported Solana's short-term upward trend. The Relative Strength Index (RSI) rose to approximately 71, indicating strong buying activity, and the Moving Average Convergence Divergence (MACD) on the 4-hour chart formed a bullish crossover. The expansion of the green histogram also showed positive momentum. A short-term resistance level was formed near $92, and if buying pressure clearly surpasses this level, the next target areas are suggested to be $96 and $100. Conversely, if the $85 support level breaks, a deeper correction down to $80 could follow.

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