Solana whales have opened $9 million in long positions on Hyperliquid ahead of a September 9 network upgrade, even as SOL's price slips and futures traders turn broadly bearish. The token is testing a symmetrical triangle pattern that could send it to $84 or $124 depending on which side breaks.
Solana dropped 2.37% on September 8 to trade at $102, even as whale addresses opened $9 million in long positions betting on an uptrend ahead of a network upgrade landing September 9.
Whales Bet Big Ahead of the Upgrade
Five whale addresses on Hyperliquid opened $9.11 million in long positions between September 7 and September 8, according to data from CoinGlass. The wagers extend an uptrend that began August 17.
The positions come ahead of an upgrade that will triple Solana's transaction size from 1,232 bytes to 4,096 bytes. Analyst Crypto Tony says the upgrade will let the network bundle multiple transactions into one, and that this gives Solana an edge over Ethereum, which has no fixed protocol size limit. Ethereum is separately working on a quantum-resistance upgrade Vitalik Buterin has teased as its biggest since the Merge.
Futures Market Stays Bearish Despite the Long Bets
Solana's funding rate has turned negative, putting the whale longs in contrarian territory against most futures traders. The long/short reading of 0.92 shows more short accounts than long ones. Derivative volume has dropped 16% to $6.53 billion, and open interest is down 1.21% to $6.47 billion.
Still, Solana ETFs have logged ten straight weeks of inflows, suggesting institutional demand remains high even as futures positioning weakens.
Price Tests a Symmetrical Triangle
SOL is trading inside a symmetrical triangle pattern with a 16% height on the four-hour chart. A break below the lower trendline could send the price to $84. A move above resistance at $107 could instead push the price toward $124.
The RSI reading of 45 is making a lower low, suggesting selling pressure is building despite the upcoming upgrade. Shrinking red momentum bars point to Solana testing psychological support at $100 next.
Source: CoinGape
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