Solana Whales Place $9M Bets on Uptrend Ahead of Network Upgrade

Solana's price has dipped by 2.37% on September 8 to trade at $102, but despite this decline, whale addresses have taken a contrarian view and opened $9.11 million in long positions on Solana.

Data from CoinGlass shows that five whale addresses on Hyperliquid have placed these bets between September 7 and September 8, anticipating an uptrend ahead of the network upgrade scheduled for September 9.

The upgrade will increase transaction size from 1,232 bytes to 4,096 bytes, giving Solana a competitive edge over Ethereum, which does not have a set protocol size limit. Analyst Crypto Tony notes that this change will allow multiple transactions to be bundled into one transaction.