Wage Negotiation?

Been with the company for 6 years on an expert role. Attended an internal interview and was offered the role (Pro role). Was asked to reply “I accept” to the email. However, I am not happy with the hourly increase (approx 3.5% increase) What options do I have? Is there room for any negotiation? I’m thinking of not accepting the role due to the not so high increase. Is that a dumb move?