Solana Upgrade Lures $9.11M in Whale Longs Amid Bearish Market

Solana's network upgrade is drawing in big players, despite a bearish futures market. Between September 7 and 8, five whale addresses on Hyperliquid opened $9.11M in Solana long positions, positioning for a rebound ahead of the upgrade.

The upgrade will increase Solana's transaction size from 1,232 bytes to 4,096 bytes, more than tripling the current ceiling. This change should allow multiple transactions to be bundled into one, reducing a structural bottleneck and potentially improving Solana's position against Ethereum (ETH).

Crypto Tony noted that 'By more than tripling this ceiling to 4,096 bytes, Solana is looking to eliminate this structural bottleneck.'

The futures market, however, remains bearish. Solana's funding rate has turned negative, while the long-short account ratio stands at 0.92, indicating that short accounts outnumber long accounts.