Solana's Price Rises Ahead of Key Network Upgrade

Solana's price has been steadily rising over the past week, up about 2.6% from its levels a week ago. The altcoin is currently trading around $106.50, with some traders hoping it will break through the $110 resistance level. However, chart analysis suggests that Solana may still be in a corrective wave 4 pattern, which could lead to further price swings.

The upcoming Transaction V1 mainnet upgrade on September 9 is also being closely watched by traders. The update increases the maximum transaction size from 1,232 bytes to 4,096 bytes, making it possible for ZK proofs and other complex transactions to be processed in a single transaction. Testing for the update began on September 1, giving developers a short window to prepare their tools.

Solana has seen significant institutional activity over the past month, with $348 million in net real-world asset inflows pushing its total RWA value to $4.23 billion. This influx of capital could provide support for Solana's price, but it is not a guarantee against short-term volatility.