diff --git a/rpcs3/Emu/Cell/PPUThread.cpp b/rpcs3/Emu/Cell/PPUThread.cpp
index 9668aadee9..625080a3ac 100644
--- a/rpcs3/Emu/Cell/PPUThread.cpp
+++ b/rpcs3/Emu/Cell/PPUThread.cpp
@@ -3256,6 +3256,8 @@ const auto ppu_stcx_accurate_tx = build_function_asm<u64(*)(u32 raddr, u64 rtime
 #endif
 });
 
+extern atomic_t<u8>& get_resrv_waiters_count(u32 raddr);
+
 template <typename T>
 static bool ppu_store_reservation(ppu_thread& ppu, u32 addr, u64 reg_value)
 {
@@ -3500,19 +3502,30 @@ static bool ppu_store_reservation(ppu_thread& ppu, u32 addr, u64 reg_value)
 
 			if (notify)
 			{
-				vm::reservation_notifier(notify).notify_all();
+				bool notified = false;
+
+				if (ppu.res_notify_time == (vm::reservation_acquire(notify) & -128))
+				{
+					vm::reservation_notifier(notify).notify_all();
+					notified = true;
+				}
+
+				if (!notified || (addr ^ notify) & -128)
+				{
+					res.notify_all();
+				}
+
 				ppu.res_notify = 0;
 			}
-
-			if (!notify)
+			else
 			{
 				// Try to postpone notification to when PPU is asleep or join notifications on the same address
 				// This also optimizes a mutex - won't notify after lock is aqcuired (prolonging the critical section duration), only notifies on unlock
-				ppu.res_notify = addr;
-			}
-			else if ((addr ^ notify) & -128)
-			{
-				res.notify_all();
+				if (get_resrv_waiters_count(addr))
+				{
+					ppu.res_notify = addr;
+					ppu.res_notify_time = rtime + 128;
+				}
 			}
 		}
 
@@ -3531,7 +3544,11 @@ static bool ppu_store_reservation(ppu_thread& ppu, u32 addr, u64 reg_value)
 	// And on failure it has some time to do something else
 	if (notify && ((addr ^ notify) & -128))
 	{
-		vm::reservation_notifier(notify).notify_all();
+		if (ppu.res_notify_time == (vm::reservation_acquire(notify) & -128))
+		{
+			vm::reservation_notifier(notify).notify_all();
+		}
+
 		ppu.res_notify = 0;
 	}
 
diff --git a/rpcs3/Emu/Cell/PPUThread.h b/rpcs3/Emu/Cell/PPUThread.h
index 5e7a430fba..903262652d 100644
--- a/rpcs3/Emu/Cell/PPUThread.h
+++ b/rpcs3/Emu/Cell/PPUThread.h
@@ -262,7 +262,8 @@ public:
 	u64 rtime{0};
 	alignas(64) std::byte rdata[128]{}; // Reservation data
 	bool use_full_rdata{};
-	u32 res_notify{};
+	u32 res_notify{0};
+	u64 res_notify_time{0};
 
 	union ppu_prio_t
 	{
diff --git a/rpcs3/Emu/Cell/SPUThread.cpp b/rpcs3/Emu/Cell/SPUThread.cpp
index 79a6336e61..aca27ca70a 100644
--- a/rpcs3/Emu/Cell/SPUThread.cpp
+++ b/rpcs3/Emu/Cell/SPUThread.cpp
@@ -446,10 +446,10 @@ waitpkg_func static void __tpause(u32 cycles, u32 cstate)
 
 static std::array<atomic_t<u8>, 128> g_resrv_waiters_count;
 
-static inline atomic_t<u8>& get_resrv_waiters_count(u32 raddr)
+extern atomic_t<u8>& get_resrv_waiters_count(u32 raddr)
 {
 	// Storage efficient method to distinguish different nearby addresses (which are likely)
-	 return g_resrv_waiters_count[std::popcount(raddr) + ((raddr / 128) % 4) * 32];
+	 return g_resrv_waiters_count[std::popcount(raddr & -512) + ((raddr / 128) % 4) * 32];
 }
 
 void do_cell_atomic_128_store(u32 addr, const void* to_write);
diff --git a/rpcs3/Emu/Cell/lv2/lv2.cpp b/rpcs3/Emu/Cell/lv2/lv2.cpp
index 27edcc5466..0c2308dd42 100644
--- a/rpcs3/Emu/Cell/lv2/lv2.cpp
+++ b/rpcs3/Emu/Cell/lv2/lv2.cpp
@@ -1333,9 +1333,12 @@ bool lv2_obj::sleep(cpu_thread& cpu, const u64 timeout)
 		{
 			static_cast<ppu_thread&>(cpu).res_notify = 0;
 
-			const usz notify_later_idx = std::basic_string_view<const void*>{g_to_notify, std::size(g_to_notify)}.find_first_of(std::add_pointer_t<const void>{});
-
-			if (notify_later_idx != umax)
+			if (static_cast<ppu_thread&>(cpu).res_notify_time != (vm::reservation_acquire(addr) & -128))
+			{
+				// Ignore outdated notification request
+			}
+			else if (usz notify_later_idx = std::basic_string_view<const void*>{g_to_notify, std::size(g_to_notify)}.find_first_of(std::add_pointer_t<const void>{});
+				notify_later_idx != umax)
 			{
 				g_to_notify[notify_later_idx] = &vm::reservation_notifier(addr);
 
@@ -1384,9 +1387,12 @@ bool lv2_obj::awake(cpu_thread* thread, s32 prio)
 		{
 			ppu->res_notify = 0;
 
-			const usz notify_later_idx = std::basic_string_view<const void*>{g_to_notify, std::size(g_to_notify)}.find_first_of(std::add_pointer_t<const void>{});
-
-			if (notify_later_idx != umax)
+			if (ppu->res_notify_time != (vm::reservation_acquire(addr) & -128))
+			{
+				// Ignore outdated notification request
+			}
+			else if (usz notify_later_idx = std::basic_string_view<const void*>{g_to_notify, std::size(g_to_notify)}.find_first_of(std::add_pointer_t<const void>{});
+				notify_later_idx != umax)
 			{
 				g_to_notify[notify_later_idx] = &vm::reservation_notifier(addr);