• Solana price prints an anomalous candlestick on the monthly settlement.
  • SOL price has seen an uptick in volume.
  • Invalidation of the bearish trend is a breach above $45.

Solana price prompts investors to keep their eyes on the centralized smart contract token as the SOL price has been notorious for displaying mixed signals prior to pivotal turns in the market.

Solana price has smart money influences 

Solana price could be attempting to fool traders once again. On June 30, 2022, the centralized Ethereum killer printed a questionable monthly candlestick. The bearish engulfing candle shows subtle signs of bullish influence as the SOL price settled at $33.76, 30% above the low marked $25.86, yet 27% below June’s high at $46.12. The candlestick also presents an extreme influx in transactions on the Volume Profile indicator. This anomaly provokes the idea that something significant will occur for the Solana price in the coming months.

Solana price tricked bullish traders once before in September of 2021. A bullish candlestick was printed with large amounts of volume. However, the settling price at $141 was marked 34% below the monthly high at $216 and only 30% above the monthly low at $105.89. Four months later, in January 2022, after minimal gains and a stalemate price action, the Solana price finally saw the repercussions of the anomalous monthly candlestick. The bears flexed a 60% liquidation into $80, wiping out all of the profits since September 2021.

tm/sol/7/1/22

SOL/USDT 1-Month Chart 

There is no question that smart money likes to operate on large timeframes. Being able to hunt for subtle cues on monthly and yearly charts can provide context to when a market’s behavior might change. As far as the Solana price is concerned, traders should not get overly confident. Yes, we are still in a bear market across the board unless Bitcoin can breach $23,500. However, things can change rapidly, so it is best to keep an eye on the anomalous cues that some of the more popular digital tokens may present in the coming weeks. 

Invalidation for the bearish downtrend on Solana price is a breach above $45. If the bulls can hurdle this boundary, they could induce a rally towards $90, resulting in a 150% increase from the current Solana price. On the contrary, if the bulls do not show up to support the $35 barrier soon, the SOL price could continue falling to $20, resulting in an additional 40% loss.

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

Recommended content


Recommended Content

Editors’ Picks

Is Ethereum's comeback real?

Is Ethereum's comeback real?

Ethereum price hovers above $2,500 on Friday after soaring nearly 100% since early April's bottom. The ETH Pectra upgrade has boosted over 11,000 EIP-7702 authorizations in a week, indicating healthy uptake by wallets and dApps. The growing stablecoin usage and tokenization, Layer 2 institutionalization and ETH short unwind support the price rally.

Bitcoin Weekly Forecast: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand

Bitcoin Weekly Forecast: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand

Bitcoin price stabilizes around $103,000 on Friday after facing multiple rejections at the key $105,000 resistance level throughout the week. Risk-on sentiment prevails, driven by global trade deals, strong corporate accumulation, and spot ETF inflows.

EOS price climbs as sentiment improves following $3 million purchase by President Trump's World Liberty Financial

EOS price climbs as sentiment improves following $3 million purchase by President Trump's World Liberty Financial

EOS price rebounds from short-term support at $0.75, boosting bullish sentiment amid broader market consolidation. President Donald Trump's World Liberty Financial purchases $3 million worth of EOS at an average price of $0.82.

FTX creditors set to receive over $5 billion in recovery plan payout handled by Kraken and BitGo

FTX creditors set to receive over $5 billion in recovery plan payout handled by Kraken and BitGo

Defunct crypto exchange FTX will distribute $5 billion to holders of allowed claims starting May 30. Creditors with completed pre-distribution requirements will receive between 54% and 120% of their original claims.

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand

Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand

Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP