Solana reached a new 2026 high on September 23, with SOL touching $117.23 intraday — the highest price of the year — before settling at $116.68, a gain of 7.37% on the day. The move higher coincided with the liquidation of more than $18 million worth of short positions across derivatives markets, according to reporting on the session.

SOL Extends Its 2026 Rally

SOL climbed to an intraday peak of $117.23, its highest point in 2026. The quoted price at the time of writing stood at $116.68, reflecting the 7.37% jump over the prior 24 hours. Because prices move continuously during a session, the intraday peak and the quoted figure naturally differ.

The advance builds on a broader run for the asset. Earlier in 2026, SOL broke above $110 for the first time in seven months, a move that signaled renewed buying interest across both spot and derivatives markets.

More Than $18 Million in Solana Shorts Liquidated

A short position is a bet that an asset's price will fall. When the price rises sharply instead, traders holding those bets can be forced to close their positions, which requires buying SOL to exit. Those forced closures add buy-side pressure to the market during a sharp rally. On derivatives venues, liquidations are triggered automatically when losses on a leveraged position approach the margin backing it, which is why fast rallies can clear out shorts in quick succession.

More than $18 million in Solana short positions were liquidated alongside the price move. That forced buying accompanied the rally, though liquidations are best characterized as a correlated event rather than a confirmed cause of the gain.

Institutional interest in Solana-related products has also been building. Bitwise's Solana staking ETF recently hit a record high in assets under management, a milestone that underscores the growth of regulated vehicles offering exposure to the network.

What Traders Are Watching After the Surge

The key question now is whether SOL can hold near $116.68 after pushing to $117.23. Liquidation-driven moves can produce elevated volatility in both directions. Once short sellers are flushed out of the market, the forced buying that helped lift the price disappears, which can leave the market more susceptible to a pullback.

Solana's on-chain activity provides additional context for the move. The network's real-world asset (RWA) tokenization value recently reached $2.7 billion, pointing to growing utility beyond speculation. The broader altcoin market has also been gaining ground, with Bitcoin dominance dropping to a one-month low as select altcoins outperform.

For holders and market watchers, the confirmed 2026 high stands at $117.23, and the $18 million in forced liquidations added buying pressure to the move. Whether the price holds above $116 will depend on whether organic demand follows through.

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 research thoroughly before making any decisions.