Market Overview for Solana/Tether (SOLUSDT): 2025-09-19 12:00 ET

• • •

• Price dropped 5.2% in 24 hours, closing at $240.91, down from $248.18, with a low of $235.81 intraday.

• High volatility seen during the drop, with volume spiking above 300,000 and turnover reaching $74.1M.

• Bearish engulfing and hanging man patterns formed near key resistance levels around $248.50–250.00.

• RSI oversold at 30, signaling potential short-term rebound, but MACD remains bearish with negative divergence.

• Key support at $240.25–242.00 tested multiple times, and Bollinger Bands show a 20% volatility contraction.

• • •

24-Hour Summary

Solana/Tether (SOLUSDT) opened at $248.18 (12:00 ET - 1), reached a high of $253.51, a low of $235.81, and closed at $240.91 (12:00 ET). Total volume for the 24-hour period was 1,636,991.495, and notional turnover reached $398.35M.

Structure & Formations

The price of SOLUSDT has shown a bearish bias throughout the past 24 hours. A strong bearish engulfing pattern emerged at $248.50–250.49, followed by a hanging man pattern at $248.53–248.15, signaling a potential reversal from the previous bullish momentum. The 15-minute chart displayed a breakdown of key resistance at $248.50–250.22, with the price failing to retest that area during consolidation. Key support levels at $240.25–242.00 were tested multiple times, with the 241.3–241.69 range acting as a temporary floor. A doji at $241.56–241.56 during the 13:00–13:15 ET window suggests indecision.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have both sloped downward, reinforcing the bearish trend. The price has been below both for the majority of the session, indicating ongoing downward pressure. On the daily chart, the 50-period MA at $246.50 and 100-period MA at $245.75 have been breached, while the 200-period MA at $244.30 is now acting as a potential short-term support.

MACD & RSI

The MACD for the 15-minute chart has remained in negative territory, with a bearish crossover and a weak histogram, reflecting a lack of short-term bullish momentum. The RSI has dipped into oversold territory (30–35), suggesting a potential pullback or bounce from current levels. However, the RSI did not form a bullish divergence during the rebound attempts, which weakens the case for a strong reversal.

Bollinger Bands

Volatility has contracted over the last 6 hours, with the Bollinger Bands narrowing significantly from a 2.4% width to a 0.5% width. The price has closed near the lower band, indicating bearish exhaustion. A break of the upper band is unlikely unless the 20-period MA shifts upward, which is not currently on track.

Volume & Turnover

Volume spiked to 306,216.089 at 15:15 ET, coinciding with the price dropping to the session low of $235.81. This was the highest volume in the 24-hour period and was accompanied by a turnover of $74.1M. The price action and volume suggest a possible capitulation move. However, no confirmation of a bullish reversal has emerged since, as subsequent volume has remained moderate and price has failed to retest key resistance.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent bearish leg from $253.30 to $235.81, the 23.6% and 38.2% levels are at $245.87 and $243.14, respectively. The price is currently consolidating near the 61.8% retracement at $240.75, which may serve as a potential support or pivot point in the near term. A close above $243.14 could signal a resumption of the bullish trend, while a break below $240.75 would confirm a deeper correction.

Backtest Hypothesis

A backtesting strategy that targets breakouts from Fibonacci retracement levels, particularly the 61.8% level at $240.75, could yield short-term opportunities if a bullish reversal occurs. The key is to look for a confirmation candle closing above $243.14 with increasing volume, which would validate the breakout. If the price remains below $240.75 with increasing bearish momentum and volume, the strategy would aim to short with a stop loss just above $243.14. Given the current technical setup, the risk-reward is more favorable on the short side, but traders should remain cautious as overbought RSI and bearish engulfing patterns suggest that a rebound may still occur before a deeper correction.