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Solana price rallied to $68 for the first time since May 2022, on Thursday. The altcoin yielded 30% gains for SOL token holders over the past week. An analyst evaluated the Ethereum alternative’s price trend and identified warning signs for a bearish trend reversal in Solana. 
Also read: Solana price has risen almost 400% since SEC labeled SOL a security, alongside ADA and MATIC
Pseudonymous crypto analyst behind the X handle, @Bluntz_Capital, commented on Solana’s price trend in a recent YouTube video. The analyst predicted a pullback in SOL on the daily timeframe. After yielding double-digit gains for holders over the past week, SOL price is likely to correct lower to the 38.2% Fibonacci level, from the bottom of the Elliott Wave pattern, at $49. 
According to @Bluntz_Capital, Solana price is likely to decline to the $49 level since the wave pattern is complete. 
The recent spike in SOL token deposits to exchanges is another factor that supports a bearish thesis for the Ethereum-alternative token. 
Based on data from crypto intelligence tracker, Lookonchain, a whale wallet address “H4yiPh” unstaked 2.16 million SOL tokens worth $128M, on November 16. Of this, 312,868 SOL worth $18.56 million was deposited to Binance and Kraken.
Another whale wallet unstaked 505,034 SOL tokens worth $31.7 million on Thursday, and transferred 505,000 SOL worth $31.7 million out, most of which was deposited to Binance and Kraken.
A whale unstaked 505,034 $SOL ($31.7M) today and transferred 505K $SOL ($31.7M) out, most of which was deposited to #Binance and #Kraken.

The whale still has 2.9M $SOL($184M) staked.https://t.co/pe5QVhXcYl pic.twitter.com/9jeCk6hGdd
The large volume deposits are likely to increase selling pressure on the Ethereum-alternative, driving SOL price lower.
At the time of writing, SOL price is $59.08 on Binance.

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MATIC price risks drop to $0.68 before a rebound in Polygon’s native asset. Polygon Chain Development Kit recently integrated Celestia to aid development of applications in the ecosystem. Polygon’s Proof-of-Stake chain is processing over 10 million transactions a day, fueling a bullish thesis for MATIC adoption. 
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