Whale Traders Bet Big on Solana's Rebound Ahead of Network Upgrade

Several large whale traders have taken long positions on Solana (SOL) ahead of its network upgrade scheduled for September 9. According to CoinGlass data, five Hyperliquid whales opened a combined $9.11 million in SOL long positions between September 7 and September 8.

The positions come as Solana is trading around $102, down 2% on Tuesday. The whale traders' confidence in the cryptocurrency's rebound suggests that they believe the upcoming network improvement could support renewed buying demand.

However, broader futures metrics remain bearish, with a positive funding rate of 0.0025% indicating that long-position holders are paying shorts to keep their trades open. This typically reflects stronger demand for bullish positions, but the long-to-short ratio stood at 0.94, meaning short accounts outnumbered long accounts.

Solana's September 9 upgrade will increase the maximum transaction size from 1,232 bytes to 4,096 bytes, allowing developers to include more instructions within a single operation. This move is expected to support more complex applications and reduce the need for multiple transactions.