Any alert level changes will be announced on Sunday as the Carnival Restrictions come to an end at midnight on Sunday.
The president of the canary islands, Ángel Víctor Torres has said that the situation in Gran Canaria is improving, which could lead to the island dropping alert level three and moving to alert level 2. The continued infection rates in Lanzarote indicate that they will probably stay at alert level four.
For Tenerife, Torres said that there are "worrying trends" In the development of the virus and it is possible that as data comes in over the next few days, that Tenerife moves from level one to level two.
On the other hand, Fuerteventura has seen some improvements and could see a reduction in alert level from two to one. With the alert level most likely staying the same for the other islands, being La Gomera on level one, La Palma on level one and El Hierro on level two.
So for now we will have to wait and see what will be announced. Most likely in the evening on Sunday. To be fair, it will not surprise me if Tenerife does climb a level as, well, it seemed like very few people were following the restrictions set out for carnival as you can read here.
Stay safe.