Solana (SOL) Traders Prepare to Jump Ship Before Upcoming Correction

Near Protocol's upward trajectory has ended as the token forms a symmetrical triangle pattern on its daily chart. Meanwhile, even Solana traders are jumping ship to Lunex Network's new DeFi project that is poised for 1800% gains by the end of its viral presale offer.

As Near Protocol (NEAR) token holders anticipate a breakout from a key technical formation,ịp Solanas (SOL) traders are preparing to sell their tokens before an upcoming price correction.

Solana (SOL) traders prepare to sell their tokens before an upcoming correction

Solana has recorded impressive gains over the last 30 days, momentarily making investors turn bullish on the token for Q4’s bull market. Solana’s ecosystem recently recorded higher transaction volumes than the entire Ethereum and L2 ecosystem combined, which typically suggests growing investor interest.

Since Grayscale has also allocated 4.05% of its Digital Large Cap Fund (GLDC) ETF to Solana, analysts were optimistic about Solana’s growing mainstream adoption.

However, Solana’s technical indicators already show a bearish trend as the token’s Commodity Channel Index (CCI) and Momentum Indicator flash strong sell signals.

Solana’s price is currently trading for $165.65 after a 4.49% intra-day increase, but analysts expect Solana to undergo a correction in the upcoming weeks. If selling pressure increases, Solana’s price could crash to the $150 support once again.

Near Protocol’s (NEAR) consolidation phase increases selling pressure

Near Protocol has suddenly captured investor interest after a long period of lurking in the shadows. Although Near Protocol was poised for big gains in upcoming weeks, the Near Protocol price chart now forms a symmetrical triangle pattern.

With Near Protocol’s support and resistance lines converging, analysts expect its price to test the critical support level at $4.604 in the upcoming weeks.

Near Protocol is currently trading for $4.84 after an intra-day surge of 1.42%. Its volume has also increased by 76.93% over the last 24 hours, which could indicate a sharp rise in selling pressure.

Since Near Protocol’s technical indicators, like the Awesome Oscillator, Momentum Indicator, and Moving Average Convergence Divergence (MACD) Level, suggest bearish dominance, its price is unlikely to break out of the current triangle pattern any time soon.

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