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Points of Focus
- Solana fell to $97.11 even as Transaction V1 went live on mainnet.
- The upgrade raises maximum transaction size 3.3x, from 1,232 to 4,096 bytes.
- SOL futures volume reached $8.69 billion, more than nine times spot turnover.
Solana (SOL) fell to $97.11 on Wednesday, down about 5% over 24 hours, even after its Transaction V1 upgrade went live on mainnet. The rollout expanded the maximum serialized transaction size 3.3x, but SOL remained under pressure as derivatives turnover stayed elevated ahead of the US Federal Reserve’s interest-rate decision.
Solana Transaction V1 raises transaction size 3.3x
The Solana Foundation said the upgrade activated at the start of epoch 1,035 on Sept. 15 at about 01:00 UTC. It raises the maximum serialized transaction size from 1,232 bytes to 4,096 bytes, allowing zero-knowledge proofs, large multisignature transactions, and some onchain signature schemes to fit inside one atomic transaction.
The larger byte limit can reduce the need to split complex workloads across several transactions, cutting the number of signatures and confirmations. The 3.3x figure refers to serialized transaction size, not a 3.3x increase in transactions per second or compute capacity.
Solana Foundation research also shows that the 64-account limit remains unchanged and Transaction V1 doesn’t support Address Lookup Tables.
Around 62% of sampled v0 transactions referenced at least one lookup table. Because v1 stores account addresses inline, some of the extra byte allowance may be used for addresses that v0 could compress through lookup tables.
For developers, the larger transaction size solves only part of the constraint. Workloads that touch many accounts can still hit Solana’s existing 64-account limit, even with more bytes available in each transaction.
SOL’s price falls as derivatives volume stays 9.6x above spot
CoinGlass data showed $8.69 billion in SOL futures volume over 24 hours against about $909 million in spot volume, putting derivatives turnover at roughly 9.6 times spot activity. Open interest stood near $5.87 billion as SOL traded around $97.
The ratio shows where trading activity is concentrated, but it doesn’t reveal whether traders are net bullish or bearish. The Fed decision adds another variable, with markets pricing a 92.4% probability of at least a 25-basis-point rate hike on Sept. 16, Reuters reported.
Crypto analyst Ali Martinez flagged the $95 area after SOL fell from $101.36 to $95.84 on Sept. 16. Onchain data cited in his post showed roughly 72 million SOL previously changed hands around the current price range, making $95 a key level to watch during the latest pullback.
2/6 Following reports that the CLARITY Act failed to advance in the US Senate, $SOL fell from $101.36 to $95.84.
On-chain data shows that 72 million SOL were previously traded around this area, making it a significant support zone. pic.twitter.com/KcnZJUa5YD
— Ali Charts (@alicharts) September 15, 2026
The data gives SOL a nearby cost-basis cluster below its current price, but it doesn’t guarantee buyers will defend the level. With the Fed decision still ahead, the $95 zone offers a cleaner test of market demand than the Transaction V1 rollout alone.
His view runs against the immediate selloff, but it is based on price structure rather than the V1 activation. At $97.11, SOL remains below the $100 level it held before the Sept. 15 selloff, while futures open interest sits near $5.87 billion.
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