Market Overview: Solana/Tether (SOLUSDT) 24-Hour Analysis

Summary
• Price declined to $124.06 intraday but recovered to close near $126.73, forming a bullish evening star pattern.
• Strong volume and turnover confirmed the late-day rally, with above-average buying pressure.
• RSI moved out of oversold territory, and MACD showed a positive crossover, suggesting potential upward momentum.
• Bollinger Bands widened during the session, reflecting increased volatility amid the correction.
• Fibonacci retracement levels from the recent 5-min swing suggest $125.0–$126.7 as a key target for further upside.

The 24-hour session for Solana/Tether (SOLUSDT) opened at $125.78 and closed at $126.73, with a low of $124.06 and high of $127.44. Total volume amounted to 827,181.34, and notional turnover reached $103,797,487.09 over the period.

Structure & Formations

The price formed a potential bullish evening star pattern during the session, especially in the final hours, as the price recovered from a morning pullback. A notable doji appeared around the $124.07 level, indicating hesitation from sellers. Key support levels were identified at $124.06 and $123.81, with resistance forming at $126.73 and $127.44.

Moving Averages

On the 5-minute chart, price broke above both the 20 and 50-period moving averages near the end of the session. Daily moving averages (50, 100, 200) suggest a longer-term bullish bias, as the price remains above the 200-day line.

Momentum Indicators

MACD showed a positive crossover in the final hours, with the line moving above the signal line. RSI rose above 50, moving out of oversold territory, indicating renewed buying pressure.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly during the session, suggesting increased volatility. Price closed near the upper band on the 5-minute chart, a positive signal for near-term continuation.

Volume and Turnover

Volume surged in the late hours, confirming the strength of the rally. Turnover also spiked, particularly during the breakout from $126.0–$126.2. No divergence was observed between price and volume, suggesting the move was supported by solid participation.

Fibonacci Retracements

Fibonacci levels from the recent 5-minute swing showed strong buying at the 61.8% level (~$125.9–$126.0). Daily retracements from the recent decline indicated potential support at $123.81 and resistance at $127.08.

The price action appears to favor a continuation of the upward trend over the next 24 hours, especially if the 5-minute moving averages and RSI remain above key thresholds. Investors should monitor volume for any signs of exhaustion and be cautious of a potential pullback if the $126.0–$126.2 zone is retested.