Through a Gross–Pitaevskii equation comprising cubic, quartic, residual, and quintic nonlinearities, we examine the modulational instability (MI) of Bose–Einstein condensates at higher densities in the presence of quantum fluctuations. We obtain an explicit time-dependent criteria for the MI and the instability domains of the condensates. Solitons are generated by suitably exciting the MI, and their stability is analyzed. We find that quantum fluctuations can completely change the instability of condensates by reversing the nature of the effective two-body interactions. The interplay between three-body interactions and quantum fluctuations is shown. Numerical simulations performed agree with analytical predictions.