Market Overview for Solana (SOLUSD) – August 27, 2025

• SOLUSD surged 7.8% over 24 hours, driven by strong volume during late-night ET.
• Key support at 195.67 tested 3x, with failed bearish attempts forming a bullish engulfing pattern.
• Volatility expanded mid-day, with price moving between 195.13 and 207.37, signaling strong momentum.
• RSI reached overbought territory near 207.37, hinting at potential near-term exhaustion.
• Bollinger Bands widened sharply during the 2–5 AM ET push, suggesting increased market participation.

Solana opened at $190.98 on August 26 at 12:00 ET, surged to $209.27, and closed at $208.12 on August 27 at 12:00 ET, hitting a 24-hour low of $190.19. Total volume was 2,332.36 SOL, with notional turnover of $471,747.73 USD.

Structure & Formations

SOLUSD displayed a strong bullish engulfing pattern on the 15-minute chart at the 195.67–196.40 level during the 19:45–20:00 ET window, confirming a reversal from early bearish pressure. A key support level at $195.67 held firm for over 10 hours, suggesting strong buying interest at that level. Price then advanced above prior resistance at $197.16 and pushed to new 24-hour highs. The 209.27 high appears to be the end of a sharp impulse move, potentially forming the top of a short-term ascending wedge.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs trended upwards throughout the night and into the morning, supporting the bullish bias. The price closed above both moving averages at the 12:00 ET mark, confirming a strong bullish setup. On the daily chart, the 50-period and 100-period SMAs are still in a bullish alignment, indicating that the larger trend remains intact.

MACD & RSI

The MACD remained bullish throughout the session, with positive histogram divergence aligning with the price rally. RSI surged past 75 during the early morning hours, entering overbought territory and suggesting that a near-term correction could occur. However, the price did not reverse significantly, indicating strong conviction from buyers.

Bollinger Bands

Bollinger Bands expanded significantly during the early morning hours, capturing the strong price move from 194.5 to 207.37. Price closed near the upper band at 208.12, suggesting exhaustion may be building. A contraction in the bands could signal a potential pause or pullback in the near term.

Volume & Turnover

Volume spiked sharply during the 4:15–4:45 ET window, with a massive 1,426.642 SOL traded at the 207.37 high. Total notional turnover of $471,747.73 USD aligns with the price move, confirming the strength of the rally. A divergence between volume and price may appear if the next move lacks confirmation from increased buying pressure.

Fibonacci Retracements

Applying Fibonacci levels to the key swing from 190.19 to 209.27, the 61.8% retracement level sits at approximately 199.55, which was tested and broken during the session. The 38.2% level (~199.37) also acted as a minor support. A pullback to the 61.8% level could rekindle near-term bullish sentiment.

SOLUSD appears well-positioned to test the $210–215 range in the next 24 hours, provided bullish momentum holds and volume remains supportive. However, a pullback to the 195.67–197.16 range would test the durability of the current rally. Investors should monitor volume and RSI for early signs of exhaustion.