Solana (SOL) price declined 1.83% over the past 24 hours to $104.53 as investors prepared for the highly anticipated Alpenglow upgrade scheduled for October 21, 2026. Despite expectations surrounding the network improvement, broader cryptocurrency market weakness continues to pressure SOL.
The global crypto market capitalization dropped 1.2% to $2.73 trillion amid interest rate uncertainty and persistent selling pressure. Bitcoin traded near $81,000, Ethereum hovered around $2,425, and XRP remained below $1.30.
Solana's upcoming Alpenglow upgrade could significantly improve blockchain performance by reducing transaction finality from approximately 12.8 seconds to just 150 milliseconds. According to the Solana Foundation, this represents an estimated 85-fold improvement in transaction settlement speed.
The upgrade will replace Solana's existing TowerBFT consensus mechanism with a new system featuring the Votor protocol. This technology enables validators to exchange votes directly and finalize transactions within one or two voting rounds.
Although the upgrade promises faster transactions and improved network efficiency, its actual performance will only become clear following mainnet activation. Existing wallets and decentralized applications are expected to remain compatible.
Meanwhile, institutional investment activity reflects cautious market sentiment. Data from SoSoValue revealed that Solana exchange-traded funds recorded $12.67 million in net outflows on October 16, entirely attributed to Bitwise's BSOL fund.
The remaining six listed Solana ETFs reported no net flows. Total trading volume reached $90.03 million, while combined net assets stood at approximately $1.62 billion. Cumulative net inflows remained at $1.56 billion.
From a technical perspective, Solana price faces immediate resistance at $105. The four-hour Relative Strength Index (RSI) stood at 42.24, indicating relatively weak momentum.
However, the Moving Average Convergence Divergence (MACD) suggested early signs of recovery. The MACD line reached -0.90, above its signal line of -1.06, while the histogram registered a positive 0.16.
A confirmed four-hour close above $105 could strengthen bullish momentum and push SOL toward $110. Sustained buying pressure may subsequently open the door to $115.
Conversely, $100 remains a crucial support level. A decisive breakdown below this threshold could trigger further declines toward $97 and potentially $95.
With the October 21 Alpenglow launch approaching, Solana price movements will likely depend on broader crypto market conditions, ETF investor sentiment, and whether SOL can reclaim the critical $105 resistance level.
