Investors are keeping a close eye on the centralized smart contract token as the SOL price has been notorious for sending conflicting signals prior to key market shifts.
The Solana price may be attempting to deceive traders once again. The questionable monthly candlestick printed on June 30, 2022, was the final nail in the coffin for Ethereum. The bearish engulfing candle suggests that the price of SOL will go up. The low of the candle was at $33.76, which is 30% higher than the $25.86 mark, but it’s also 27% lower than the high of $46.12 from earlier in June.
The candlestick spotlights an enormous influx in transactions on the Volume Profile indicator, which may be seen in the chart. This oddity suggests that the future months will bring something significant for the Solana price.
In September 2021, Solana Price Took a Dive, Tricking Bearish Traders for the Second Time. A strong candlestick was produced with a lot of volume. On the other hand, the price reached a peak of $233 before declining to $141, which was 34% below the monthly high of $216 and only 30% above the monthly low of $105.89.
After four months of sideways trading, the Solana price plummeted in January 2022 after a neutral trend had been broken following almost no gains and a standoff price action. The bears generated a 60 percent liquidation in $80, erasing all of the gains since September 2021.