Market Overview for Solana/Tether (SOLUSDT) – 24-Hour Summary

• Price surged over $244.84 in the overnight session but reversed with a bearish 15-minute candle.
• RSI overbought conditions emerged, hinting at potential near-term profit-taking.
• Volatility expanded with Bollinger Bands widening, suggesting heightened market uncertainty.
• Volume spiked above $100,000 in key reversal candles, supporting bearish sentiment.
• A bullish engulfing pattern formed at $232–233.30, indicating short-term support resilience.

Market Summary

Solana/Tether (SOLUSDT) opened at $234.11 on 2025-09-17 at 12:00 ET and closed at $244.84 at 00:00 ET on 2025-09-18. The pair reached a high of $247.50 and a low of $232.23 over the 24-hour period. Total traded volume amounted to 3.17 million SOL, with a notional turnover of approximately $781.1 million (based on average price).

Structure & Formations

Price formed a bullish engulfing pattern at $232.23–233.30, suggesting short-term support at this level. A key bearish reversal occurred around $244.07–244.12, marked by a long upper shadow and high volume. A doji formed at $244.89, signaling indecision near recent highs. Resistance levels appear at $244.50–245.00 and $246.50–247.00, while support is expected at $243.20–243.60 and $242.50–242.75.

Moving Averages

On the 15-minute chart, price closed above both 20 and 50-period moving averages, indicating bullish short-term bias. On the daily timeframe, price remains above the 50, 100, and 200-period MAs, suggesting sustained long-term strength.

MACD & RSI

The MACD remained in bullish territory with a narrowing histogram, indicating waning momentum. RSI reached overbought territory (70–75) around $245.10–245.50, signaling potential bearish reversal. A bearish divergence appeared on the RSI line after the $247.50 high, suggesting increased likelihood of a near-term pullback.

Bollinger Bands

Volatility expanded overnight, with Bollinger Bands widening between $239.00 and $246.00. Price peaked near the upper band at $247.50 and reversed sharply. A contraction is expected near $243.20–243.80, which could precede another breakout attempt.

Volume & Turnover

Volume spiked significantly during the 22:15–00:45 ET period, reaching over $100,000 per candle. Notional turnover mirrored volume surges during key reversal phases, confirming bearish momentum. A divergence between falling price and rising turnover occurred after the $244.12 low, indicating possible short-term support strength.

Fibonacci Retracements

A key 61.8% retracement level from the $232.23 low to the $247.50 high sits at $241.25, acting as a dynamic support. The 38.2% level at $245.00 has shown resistance, with price stalling near this area on multiple occasions.

Backtest Hypothesis

A backtesting strategy could target short-term reversals at key Fibonacci and moving average levels. For instance, a sell entry near the 61.8% retracement level ($241.25) with a stop above the 50-period MA and a target at the 38.2% level ($245.00) could be tested. Momentum indicators like RSI could act as filters to avoid false breakouts, with entries confirmed when RSI dips below 60. This approach aligns with observed price behavior and offers defined risk-reward parameters for tactical traders.

Forward-Looking View and Risk Caveat

Price appears to consolidate around $244.50–245.00 ahead of a potential test of key resistance. While the long-term trend remains bullish, near-term profit-taking and overbought RSI readings suggest caution. Traders should monitor volume and volatility contractions for potential breakout signals, but be prepared for a pullback or consolidation phase in the next 24 hours.