A dormant Solana whale with 50,000 SOL worth $10.17 million on September 3 has re-emerged after two years of inactivity.
The move came as validators approved a major upgrade and traders debated whether Solana could climb toward the $300 level.
Solana Whale Moves After Two Years
A large Solana holder resumed activities after two years. Earlier on Sept 3, a wallet linked to the Rollbit Treasury sold 50,000 SOL.
The sale took place at an average price of $203.4, giving a total value of $10.17 million. This wallet had received the coins two years ago when Solana traded at $24.6.
At that time, the value of the tokens was $1.23 million. The latest sale showed a gain of more than 727%.
Market watchers noted the timing of the sale as it came during a period of renewed interest in Solana.
Traders were closely following both the whale’s move and the wider developments in the network.
The profit margin highlighted how early holders had benefited from Solana’s growth over recent years.
The whale activity also led to questions about supply pressure in the short term. Large movements of tokens can sometimes affect prices, though the overall market impact remains limited for now.
Solana Upgrade Gains Approval
In other news, the Solana validator community has approved a major upgrade.
The change, called Alpenglow, received support from more than 98% of voters, well above the required threshold of 66.67%.
It was described as the most significant upgrade since the network’s launch.
The Alpenglow protocol reduced latency from 12 seconds to 100 milliseconds and also promised a 100 times increase in scalability.
Validators were expected to see cleaner consensus and improved rewards under the new system.
Observers pointed out that this was more than just an update. Some compared it to the start of a new chain, given the scale of the changes.
The approval showed strong agreement within the community and underlined the push to improve Solana’s performance.
The upgrade aimed to prepare Solana for greater use across finance, gaming, and other applications.
Faster transaction times and higher capacity could attract and support more developers and projects building on the chain.
The approval came at a moment when Solana’s price was showing strength, adding to the debate about its future path. Traders noted that technical and fundamental factors were beginning to align.
Solana Path Toward $300 in Focus
After the whale activity and upgrade news, Solana’s price rose above $207. The coin gained more than 5% in early trading.
The move pushed $SOL into a zone where traders began asking whether it could test the $300 mark.
Technical charts showed a long-term cup-and-handle pattern that had been building since mid-2022. The neckline was set at around $275.
If Solana broke above this level, analysts said it could open the way to higher targets at $367 and $460.
Support also looked firm as buyers had shown interest around $190, while a deeper cushion stood at $148 based on Fibonacci retracement.
The area between $200 and $220, which once acted as resistance, was now seen as potential support.
In addition, beyond price charts, adoption developments are also taking shape in the broader Solana ecosystem.
For context, Galaxy Digital announced a partnership with Superstate to tokenize its Nasdaq-listed shares on Solana.
The plan would allow verified investors to hold tokenized shares in wallets with faster settlement.
Notably, with technical signals positive and adoption efforts growing, the path to $300 remained in focus.
Market participants continued to watch whale activity, validator upgrades, and broader adoption to gauge whether Solana could sustain its rally.