{"id":2801,"date":"2023-12-14T03:00:16","date_gmt":"2023-12-14T03:00:16","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/12\/14\/solana-price-rally-could-be-interrupted-analysts-identifies-warning-signs-in-sol\/"},"modified":"2023-12-14T03:00:16","modified_gmt":"2023-12-14T03:00:16","slug":"solana-price-rally-could-be-interrupted-analysts-identifies-warning-signs-in-sol","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/12\/14\/solana-price-rally-could-be-interrupted-analysts-identifies-warning-signs-in-sol\/","title":{"rendered":"Solana price rally could be interrupted, analysts identifies warning signs in SOL"},"content":{"rendered":"
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\"Ekta <\/span> Ekta Mourya
FXStreet <\/span>
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\u2019s price trend and identified warning signs for a bearish trend reversal in Solana.\u00a0
Also read:<\/strong> Solana price has risen almost 400% since SEC labeled SOL a security, alongside ADA and MATIC<\/a>
Pseudonymous crypto analyst behind the X handle, @Bluntz_Capital, commented on Solana\u2019s 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.\u00a0
According to @Bluntz_Capital, Solana price is likely to decline to the $49 level since the wave pattern is complete.\u00a0
The recent spike in SOL token deposits to exchanges is another factor that supports a bearish thesis for the Ethereum-alternative token.\u00a0
Based on data<\/a> from crypto intelligence tracker, Lookonchain, a whale wallet address \u201cH4yiPh\u201d unstaked 2.16 million SOL tokens worth $128M, on November 16. Of this, 312,868 SOL worth $18.56 million was deposited to Binance<\/a> 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<\/a> ($31.7M) today and transferred 505K $SOL<\/a> ($31.7M) out, most of which was deposited to #Binance<\/a> and #Kraken<\/a>.<\/p>\n

The whale still has 2.9M $SOL<\/a>($184M) staked.https:\/\/t.co\/pe5QVhXcYl<\/a> pic.twitter.com\/9jeCk6hGdd<\/a>
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\u2019s native asset.\u00a0Polygon Chain Development Kit recently integrated Celestia to aid development of applications in the ecosystem.\u00a0Polygon\u2019s Proof-of-Stake chain is processing over 10 million transactions a day, fueling a bullish thesis for MATIC adoption.\u00a0
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, declined to $2,148 early on Wednesday. The fall in prices follows a broader sell-off in the crypto market since Monday, likely driven by investors\u2019 de-risking strategy ahead of a macro-packed week, with US CPI\u00a0data for November and the US Fed last meeting of the year.\u00a0
US Consumer Price Index (CPI) data release for November has revealed an increase of 0.3% in inflation, month-on-month and the annual inflation rate is 3.1%. The CPI report and the upcoming Federal Open Market Committee (FOMC) meeting on Wednesday make for volatile Bitcoin and altcoin prices.
AAVE\u2019s top 150 wallets now hold the largest volume of the token as compared to the past five months. The DeFi token\u2019s on-chain metrics support a bullish thesis for AAVE price. AAVE price is likely to bounce as RSI drops below 40 on the 12-hour timeframe.
Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.
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