Market Overview for Solana/Tether (SOLUSDT) – 2025-09-16 12:00 ET

• Price action on Solana/Tether shows a bullish bias, with a late-night rally pushing the pair to a 24-hour high of $236.98.
• Momentum remains strong, as evidenced by a rising RSI and sustained volume above 20,000 across key bullish hours.
• Volatility appears to have expanded, with Bollinger Bands widening and price hovering near the upper band during the peak of the move.
• Turnover and volume are aligned in support of the recent uptrend, with no notable divergence flagged.
• A key support level of $233.0 appears to have been retested and held, providing a floor for potential pullbacks.

Solana/Tether (SOLUSDT) opened at $233.22 (12:00 ET – 1) and traded between $230.74 and $236.98 during the 24-hour period, closing at $235.37 at 12:00 ET today. Total volume reached 574,536.07 SOL, with a notional turnover of approximately $133,885,754.16.

Structure & Formations

The 15-minute chart reveals a series of bullish patterns following the 19:00–19:15 ET breakout. A strong engulfing pattern emerged around 21:15–21:30 ET, confirming the upward thrust. Key support levels were identified at $233.0 and $231.66, both of which held during the retracements. A bearish doji appeared at $231.09 (17:15 ET), but it was quickly reversed by a follow-through rally. The price action suggests a consolidation phase between $233.0 and $236.98, with the former acting as a solid floor and the latter as a contested ceiling.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both rising, with the 20-line crossing above the 50-line around 20:00–20:15 ET, signaling a short-term bullish crossover. On the daily chart, the 50-period SMA is below the 200-period SMA, indicating a longer-term bearish bias. The 100-period SMA has just crossed the 50-period SMA to the upside, which may suggest a potential reversal in the broader trend.

MACD & RSI

The 15-minute MACD showed a strong positive divergence, with the histogram expanding during the 05:00–06:00 ET rally. RSI remained above 50 for most of the session, peaking at 65 near $236.98 and suggesting overbought conditions. However, the RSI did not reverse into oversold territory after the retracements, which suggests strong conviction in the move up. No overbought divergence was flagged in the 15-minute timeframe.

Bollinger Bands

Bollinger Bands expanded significantly during the rally, with price pushing to the upper band multiple times. The last major expansion occurred at $236.98 (06:15 ET), where the price briefly kissed the upper band before consolidating. The width of the bands suggests increased volatility and a likely continuation or retest of recent levels in the near term.

Volume & Turnover

Volume remained robust throughout the bullish phase, especially between 05:00–06:30 ET, where hourly volume exceeded 70,000 SOL. Turnover aligned closely with price surges, indicating no divergence between volume and price. A notable drop in volume occurred during the retracements from $236.98 to $235.54, suggesting a lack of bearish conviction.

Fibonacci Retracements

Applying Fibonacci retracements to the key swing from $230.74 to $236.98, the 38.2% level at $234.79 and the 61.8% level at $235.84 both served as strong intraday resistance. The price tested the 61.8% level and found support on the first test, indicating a strong likelihood of a continuation if it breaks above that level.

Backtest Hypothesis

A potential backtesting strategy could be to enter long at the 38.2% Fibonacci level when the 20-period MA crosses above the 50-period MA and RSI is above 50, with a stop-loss placed just below the nearest support level. A take-profit could be placed at the 61.8% retracement level or beyond if momentum continues. This setup would aim to capture the continuation of a bullish trend following a consolidation phase, using a combination of moving averages, Fibonacci, and momentum indicators to time entries.