Summary
• Price declined from 124.92 to 123.8 before recovering to 124.04 at 12:00 ET, with 126.34–124.52 key levels tested.
• RSI and MACD show mixed momentum signals, with overbought conditions forming late in the session.
• High-volume spikes at 15:45–16:00 ET and 15:15–15:30 ET signal strong short-term positioning.
• Volatility expanded after 13:45 ET as price moved between Bollinger Bands, indicating renewed risk.
• A bullish engulfing pattern emerged near 12:45 ET, potentially reversing bearish pressure.
Solana/Tether (SOLUSDT) opened at 124.92 on 2025-12-17 at 12:00 ET, reaching a high of 127.92 and a low of 121.46 before closing at 124.04 on 2025-12-18 at 12:00 ET. The 24-hour volume totaled approximately 4.55 million SOL, with a notional turnover of ~$575.46 million.
Structure and Candlestick Formations
The 24-hour period revealed a significant downward trend beginning around 17:00–19:15 ET, with price dropping from 124.92 to 121.46. A critical bullish
engulfing pattern formed around 12:45–13:00 ET, signaling potential short-term buying pressure. Key support levels at 123.0 and 122.0 were tested multiple times, while resistance emerged at 126.0 and 128.0.
Moving Averages and Bollinger Bands
On the 5-minute chart, the 20-period and 50-period moving averages crossed multiple times, indicating a volatile, churning market. The 200-period MA on the daily chart remained below the current price, suggesting a long-term bullish bias. Bollinger Bands expanded sharply after 13:45 ET, coinciding with a breakout above the 124.0–126.0 range, indicating increased volatility.
Momentum and Volatility Indicators
The RSI oscillated between overbought and oversold levels, reaching a peak of 65 near 14:30–15:00 ET. MACD showed a bullish crossover at 12:45 ET, followed by a bearish divergence as price continued higher without matching momentum. This divergence suggests caution ahead of further price moves.
Volume and Turnover Analysis
Volume spiked significantly between 15:15–15:30 ET and 15:45–16:00 ET, with turnover surging in line with price action. The largest single-candle volume occurred at 15:30 ET (127,326.041 SOL), coinciding with a breakout to 128.33. These signals suggest strong institutional or large-capacity participation.
Fibonacci Retracements
The 61.8% Fibonacci level from the 121.46–127.92 swing came in at ~124.40 and was tested twice during the session, with price rebounding both times. The 38.2% level (~125.60) acted as a temporary resistance before the 128.33 high was reached.
Looking ahead, a test of the 128.33–129.05 range may occur if buying pressure continues, but a close below 124.0 could reignite bearish momentum. Traders should monitor the 124.0–126.0 range for signs of consolidation or a breakout.
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