Solana whales place $9.11 million in longs ahead of September 9 upgrade

  • Five Hyperliquid whale addresses opened combined Solana long positions before the network upgrade.
  • $9.11 million was committed to SOL longs between September 7 and September 8.
  • Solana’s September 9 upgrade will increase maximum transaction size to 4,096 bytes.

Solana fell 2% Tuesday to around $102, but five large Hyperliquid traders opened a combined $9.11 million in long positions (bets on a price rise) between September 7 and September 8, ahead of a network upgrade scheduled for September 9. The upgrade will raise the maximum transaction size from 1,232 bytes to 4,096 bytes, allowing developers to include more instructions in a single operation and potentially bundle processes that previously required several transactions. Broader derivatives indicators remain cautious: the funding rate was positive at 0.0025%, the long-to-short ratio was 0.94, trading volume fell 10% to $6.58 billion and open interest (the value of outstanding contracts) declined 1.21% to $6.47 billion. Solana exchange-traded funds recorded inflows for 10 consecutive weeks, providing a more constructive signal from institutional demand. Technically, SOL is trading inside a symmetrical triangle with an estimated 16% height. A break below $100 could expose the token to a move toward $84, while a decisive break above $107 could target $124. The Relative Strength Index stood at 44, below the neutral 50 level, indicating that momentum currently favors sellers, although whale positioning and ETF inflows support the possibility of a recovery.

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