Market Overview for Solana/Tether (SOLUSDT) on 2025-12-24

Summary
• Price declined from $124.94 to $122.04 on 24-hour 5-minute chart.
• A bearish engulfing pattern formed at 124.12–122.85 with low follow-through.
• Volume surged at $122.01–$123.25 but failed to confirm a reversal.
• RSI approached oversold territory, suggesting potential short-term bounce.
• Bollinger Bands widened post 05:00 ET, indicating rising volatility.

Price and Volume Summary

Solana/Tether (SOLUSDT) opened at $124.14 on 12:00 ET-1, hit a high of $125.64, fell to a low of $120.63, and closed at $122.04 as of 12:00 ET. Total traded volume reached 759,047.10 SOL, with a notional turnover of $94,114,910.

Structure & Momentum

Price action featured a bearish reversal at the $124.12–122.85 low, but failed to break below key support near $121.50. RSI dipped toward 28, suggesting a potential bounce, though MACD remained in negative territory, signaling cautious bearish momentum.

Volatility and Patterns

Bollinger Bands expanded post-05:00 ET, aligning with the sharp decline into the $121.00s. A doji formed near $122.01, suggesting indecision. Volume surged between $122.01–$123.25 but failed to drive price higher, hinting at bearish control.

Key Levels and Fibonacci

Key Fibonacci levels from the $120.63–$125.64 swing include $123.20 (38.2%) and $121.90 (61.8%). Price appears to be consolidating near 61.8%, with potential to test the $120.63 low if bears regain control.

Forward-Looking View

A short-term bounce toward $123.50 is possible as RSI suggests oversold conditions, but a sustained break below $121.50 could invite further downside. Investors should monitor volume on the next leg lower for signs of conviction or exhaustion.