Market Overview: Solana (SOLUSDT) 24-Hour Technical Summary

• Solana (SOLUSDT) formed a bearish reversal pattern after a sharp decline from $169.46 to $160.63.
• Price found support near $162.00 and rebounded into positive territory in the final hours of the 24-hour period.
• Elevated volume and turnover confirmed the downward move, while recent buying pressure appears to be gaining traction.
• RSI and MACD showed bearish momentum earlier but shifted to neutral as the rally unfolded.
• Volatility expanded during the drop, with Bollinger Bands reflecting increased price dispersion.

Solana (SOLUSDT) opened at $168.59 on 2025-08-01 at 12:00 ET, reaching a high of $169.46 before plunging to a low of $159.95. It closed at $164.51 at 12:00 ET on 2025-08-02. Total volume for the period was 1,619,799.49 SOL, with a notional turnover of $261.18 million.

Structure & Formations

A sharp bearish reversal pattern developed during the early hours of the session as price dropped from $169.46 to $160.63 over a five-hour span. A key support level emerged near $162.00, where price consolidated and eventually reversed higher. A bullish engulfing pattern formed in the final candle of the session, suggesting short-term buying interest may be gaining control.

Moving Averages

On the 15-minute chart, price closed above the 20-period and 50-period moving averages in the final hours, indicating a potential short-term reversal. The 50-period moving average is currently at $164.10, while the 20-period line is near $164.50, both suggesting a potential continuation of the recent bullish momentum.

MACD & RSI

The MACD turned bearish during the early hours of the drop, with a negative histogram and a bearish crossover. However, in the final hours, the MACD began to trend upward, hinting at a possible reversal. RSI bottomed near 28 during the session’s low and rose to 52 by the close, suggesting the market may be moving out of oversold territory.

Bollinger Bands

Bollinger Bands reflected heightened volatility during the drop, with price touching the lower band at $159.95. The bands have since widened, indicating increased uncertainty. Price closed near the upper half of the bands in the final hours, suggesting short-term bullish momentum may be building.

Volume & Turnover

Volume surged during the bearish move, with several 15-minute candles recording over 100,000 SOL in volume. The largest volume spike occurred at $163.69 with a notional turnover of $16.6 million. Volume in the final hours was relatively lower but still confirmed the upward move, suggesting the bearish phase may be ending.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent $169.46 to $159.95 move, price found initial support at the 38.2% level ($164.70) and then the 61.8% level ($162.56). The closing price near $164.51 suggests a possible retest of the 50% level ($165.20) in the coming 24 hours.

Looking ahead, Solana may test the $165.20–$166.00 range as the next key resistance area, while a breakdown below $162.00 could reignite bearish momentum. Investors should remain cautious as volatility remains elevated and key support/resistance levels are in play.