Solana Whales Bet Big on Network Upgrade
Solana is gearing up for an upgrade that will triple its maximum transaction size from 1,232 bytes to 4,096 bytes. Whales have been positioning for a rebound ahead of this change, opening $9.11M in Solana long positions between Sept. 7 and Sept. 8.
The broader futures market remains bearish, with negative funding, a 0.92 long-short ratio, and lower derivatives activity. However, institutional demand has remained steadier than derivatives activity, with Solana exchange-traded products recording 10 straight weeks of inflows.
The four-hour chart shows Solana at a technical decision point, with price moving inside a symmetrical triangle that has an estimated 16% height. A break below the lower trendline could send SOL toward $84, while a move above $107 resistance could imply a roughly 16% advance toward $124.
Crypto Tony argued that the larger transaction limit could give Solana an advantage over Ethereum, which does not have a fixed protocol transaction-size limit. However, it's unclear whether this will actually happen, and the indicator is making a lower low, signaling increasing selling pressure ahead of the upgrade.