Solana/Tether (SOLUSDT) Market Overview: 2025-11-09 12:00 ET

Summary
• Price opened at $157.31, reached a high of $163.98, and closed at $162.95 with a 24-hour low of $155.11.
• A bullish engulfing pattern formed after the midday consolidation, confirming a breakout.
• Volume surged to 179,129.722, indicating strong conviction behind the recent rally.

Market Overview

Solana/Tether (SOLUSDT) opened at $157.31 on 2025-11-09 and traded as high as $163.98 before closing at $162.95 at 12:00 ET. The pair found a 24-hour low of $155.11. Total volume reached 179,129.722, with a turnover of $28,565,064.30, suggesting heightened interest in the pair.

Structure & Formations

Price found key support around $157.0 and $155.11, with resistance at $159.0 and $163.98. A strong bullish engulfing pattern emerged following a consolidation phase from $159.0 to $161.23, indicating renewed buying pressure. A doji appeared at the high of $163.98, suggesting short-term indecision.

Moving Averages

On the 15-minute chart, the 20-period moving average crossed above the 50-period line, signaling a potential short-term bullish trend. On the daily chart, the 50-day MA remains above the 200-day MA, suggesting that the broader trend is still positive.

MACD & RSI

The MACD line turned positive in the last 3 hours, suggesting strengthening momentum. RSI climbed to 68, indicating overbought conditions but not extreme, and may suggest a pullback to $160.50–$161.50 could be in the offing.

Bollinger Bands

Price action recently broke out of a tightening Bollinger Band contraction, with the close at $162.95 well above the upper band. This suggests increased volatility and a high-probability continuation of the upward trend.

Volume & Turnover

Volume surged in the early afternoon, particularly during the $162.58–$163.98 rally. The 15-minute candle at $163.98 had the highest volume (86,099.321), confirming the breakout. Turnover aligned with price movement, showing no divergence.

Fibonacci Retracements

On the recent 15-minute swing from $161.23 to $163.98, Fibonacci levels suggest potential pullback targets at $162.53 (38.2%) and $161.38 (61.8%). For the daily chart, a breakdown below $159.0 could test the 61.8% level at $156.75.

Backtest Hypothesis

A backtest of a bullish engulfing pattern buy strategy on SOLUSDT, holding for 3 days, has yielded moderate returns. The strategy has captured upward moves, particularly in bullish phases, but is vulnerable to market-wide corrections. The recent breakout from $159.0 to $163.98 aligns with the pattern logic, but investors must weigh the risk of short-term overbought conditions and potential pullbacks.

Outlook and Risk Note

The near-term bias appears bullish, supported by strong volume, confirmed candlestick patterns, and a positive MACD. However, overbought RSI and a doji at the top suggest caution. A test of $163.98 may precede a pullback to $161.50–$162.0. Traders should monitor for any breakdown below $160.50 as a potential early warning of downward pressure.