Market Overview for Sophon/Tether (SOPHUSDT) - 24-Hour Analysis

• SOPHUSDT climbed to a 24-hour high of $0.02542 before consolidating near $0.02529 at 12:00 ET.
• Bullish momentum emerged in the late afternoon with a sharp rally from $0.0242 to $0.0254, forming a strong upside breakout pattern.
• On-balance volume surged in the 6-8 AM ET window, confirming the strength of the price rebound.
• A bullish engulfing pattern formed around 06:30 AM ET as price closed above a previous bearish candle.
• Price remains above key 20-period MA on the 15-minute chart, signaling short-term bullish bias.

At 12:00 ET - 1 on 2025-11-01, SOPHUSDT opened at $0.02425, surged to a high of $0.02542, and closed at $0.02529 by 12:00 ET. The pair traded within a $0.02406 to $0.02542 range over 24 hours, with total volume of 12,111,132 SOPH and a turnover of $304,561.85. The price action suggests a potential short-term bullish continuation following a strong afternoon rebound.

Structure & Formations

The 24-hour chart for SOPHUSDT revealed a bullish reversal pattern starting at 06:30 AM ET, with price breaking above a bearish candle that had formed the prior evening. A strong bullish engulfing pattern emerged during this period, confirming the shift in sentiment. Key support levels include $0.02420 and $0.02406, with resistance at $0.02542 and $0.02565. The formation suggests a potential continuation above $0.02529, provided volume remains supportive.

Moving Averages

On the 15-minute chart, price remained above the 20-period and 50-period moving averages for most of the session, with a temporary dip during the late-night consolidation phase. The 200-period MA on the daily chart remains well below the current price, suggesting a broader uptrend is intact. The 50-period MA on the daily chart also shows a slight upward bias, reinforcing the possibility of continued gains over the next 24 hours.

MACD & RSI

The MACD line turned positive in the late afternoon, with a bullish crossover of the signal line reinforcing the upward move. RSI climbed above 50 and touched the 60–65 level, indicating strong buying pressure. While not yet in overbought territory, the momentum suggests further gains could be in play. A move above $0.02542 could trigger a test of the 70-level, signaling potential overbought conditions.

Bollinger Bands

Volatility expanded in the early afternoon as SOPHUSDT surged from the lower Bollinger band to near the upper band within a two-hour window. Price then consolidated slightly but remained above the 20-period MA within the channel. This suggests the move was momentum-driven rather than a false break. A retest of the upper band in the next 24 hours may provide a high-probability entry for short-term traders.

Volume & Turnover

Trading volume spiked significantly between 06:30 and 08:30 AM ET, with the largest volume spike occurring at 06:30 AM ET (2,594,496 SOPH). This aligned with the bullish breakout and was followed by strong notional turnover. The price and volume correlation suggests a strong commitment from buyers during the rebound. Divergences were not observed, and volume remains supportive of further upward movement.

Fibonacci Retracements

Recent swing highs and lows indicate key Fibonacci levels at 38.2% ($0.02466), 50% ($0.02494), and 61.8% ($0.02522). Price has already surpassed the 61.8% retracement level and is approaching the 78.6% extension at $0.02565. A sustained move above $0.02542 could validate the 78.6% level as a new target for the next 48 hours.

Backtest Hypothesis

To evaluate SOPHUSDT’s potential for a momentum-based strategy, a backtest using the 14-period RSI is proposed. Assuming the correct ticker (SOPHUSDT) and data availability are confirmed, we can identify overbought (RSI > 70) and oversold (RSI < 30) signals from 2022-01-01 to 2025-11-01. This approach would allow us to test the efficacy of using RSI as a contrarian indicator in this pair. If the data confirms SOPHUSDT’s RSI behavior, we can further refine risk controls such as stop-loss levels and position sizing to enhance the strategy’s robustness.