Solana set a new 2026 high on Tuesday as SOL climbed 7.37% to $116.68, touching an intraday peak of $117.23 that marked its highest level of the year, while more than $18 million in short positions were liquidated across derivatives markets.
SOL Reaches $117.23, the Highest Level of 2026
SOL’s intraday high of $117.23 represented its strongest print in 2026, according to CoinGape market data. The token pulled back marginally from that peak but held near $116.68 as buyers defended the breakout level. The gap between the intraday high and the reported trading price reflects the rapid nature of the move rather than a reversal. For related coverage, see Bitcoin Hits $86,000 as Fed Index Shows Elevated Leverage.
For Southeast Asian traders on platforms such as Indodax and Coins.ph, the rally arrived during Asia-Pacific hours, a period that has increasingly shaped Solana’s intraday volatility as regional participation in SOL spot and perpetual markets has grown. Solana-focused funds have also drawn sustained attention from regional investors; XRP and Solana funds collectively pulled in $3 billion in inflows in a recent period, underscoring demand beyond the US market. For related coverage, see White-Hat Hackers Route Bitcoin From Coldcard Exploit to Recovery Trust.
More Than $18M in Solana Shorts Liquidated
As SOL moved through resistance, over $18 million in short positions were forcibly closed across derivatives venues. When a short position is liquidated, the exchange buys back the asset to cover the loss, adding buy-side pressure that can accelerate an upward move. The $18 million figure represents the reported scale of that mechanical buying, not necessarily the primary driver of the initial rally.
Liquidation events of this size have become a recurring feature of Solana’s price structure in 2026. Solana ETF assets under management crossed $1 billion earlier this year, a milestone that brought more institutional short-selling activity and, with it, greater exposure to forced unwinds when prices spike.
What Traders Will Watch After the Breakout
The immediate reference level from this move is $117.23, the reported intraday high. Whether SOL can sustain trading above that mark will be the first question for derivatives traders who track Solana’s open interest and funding rate data on CryptoSlate and Coinglass. A failure to hold above $117 would leave the level as a short-term resistance point; a daily close above it would confirm the breakout.
Price action and liquidation activity are likely to remain volatile at these levels. Remaining short sellers with positions above $117.23 face continued squeeze risk if buying pressure is sustained. For regional exchanges, the move adds fresh momentum to Solana’s 2026 narrative at a time when broader crypto markets have recorded a strong quarterly performance, with ETF investors returning to profit across major assets.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
