- Solana price prints anomalous candlestick above the monthly settlement.
- SOL price has seen a rise in volume.
- A bearish trend invalidation is a breach above $45.
Solana price prompts investors to keep an eye on the centralized smart contract token, as SOL price is notorious for displaying mixed signals ahead of major turning points in the market.
Solana pricing has smart money implications
Solana price may try to fool traders again. On June 30, 2022, centralized Ethereum printed a killer questionable monthly candlestick. The bearish engulfing candle shows subtle signs of bullish influence as the SOL price sits at $33.76, up 30% from $25.86, but still 27% below June’s high of $46.12. A candlestick volume profile also provides extreme input into trading in the indicator. This inconsistency raises the specter of something significant for Solana prices in the coming months.
Once in September 2021 Solana price fooled bullish traders. A bullish candlestick was printed with a large amount of volume. However, the price settling at $141 marked 34% below the monthly high at $216 and just 30% from the monthly low at $105.89. Four months later, in January 2022, after minimal gains and stagnant price action, the Solana price finally saw the effects of an inconsistent monthly candlestick. Bears reversed 60% liquidation to $80, erasing all gains since September 2021.
SOL/USDT 1-Month Chart
There is no question that smart money likes to act on larger time frames. Being able to hunt for subtle cues on monthly and yearly charts provides context for when market behavior may change. As for the price of Sola, traders should not get overconfident. Yes, unless Bitcoin breaches $23,500 we are still in a bear market across the board. However, things can change rapidly, so it’s best to keep an eye out for anomalous indications that some of the more popular digital tokens may present in the coming weeks.
Invalidity of the bearish decline in Solana price is a breach above $45. If the bulls breach this boundary, they could prompt a rally towards $90, resulting in a 150% increase from the current Solana price. Conversely, if the bulls do not show support for the $35 barrier soon, the SOL price may continue to fall to $20, resulting in an additional 40% loss.