Market Overview for Solana/Tether (SOLUSDT)

Summary
• Price declined from 144.64 to 136.14 over 24 hours, forming bearish reversal patterns near key resistance.
• Volume spiked during the sharp drop below 140.00, confirming bearish momentum.
• RSI and MACD indicate oversold conditions, hinting at possible short-term stabilisation.
• Bollinger Bands widened during the selloff, suggesting increased volatility.
• Fibonacci levels at 138.6–139.5 may offer near-term support for a bounce.

Solana/Tether (SOLUSDT) opened at 144.64 on 2025-12-09 170000 ET and closed at 136.14 on 2025-12-10 170000 ET, with a high of 144.93 and low of 135.71. Total volume reached 4,540,129.18 SOL, with a turnover of $630,112,358. The asset experienced a clear bearish shift amid declining momentum and increased volatility.

Structure & Formations

Price tested key resistance levels around 144.00–145.00 repeatedly but failed to break through, culminating in a bearish engulfing pattern at 142.34–140.04. The breakdown below 140.00 accelerated into a 136.72–135.71 leg, where a potential support cluster appears near 137.00–138.00, aligned with 38.2% and 50% Fibonacci retracement levels of the initial decline.

Moving Averages and Momentum

On the 5-minute chart, price closed below both the 20-period and 50-period SMAs, reinforcing the bearish bias. The daily timeframe shows price below 50-, 100-, and 200-period SMAs, consistent with a broader downtrend. RSI dipped below 30 early on, indicating oversold conditions, while MACD turned negative and remained in bear territory, suggesting continuation of the downtrend unless volume surges again.

Volatility and Bollinger Bands

Bollinger Bands expanded during the 2025-12-09 220000–2025-12-10 003000 period as volatility spiked following the breakdown below 140.00. Price traded near the lower band during the 136.00–137.00 range, hinting at oversold levels that could trigger a near-term bounce.

Volume and Turnover Analysis

Volume surged during the 2025-12-09 220000–2025-12-10 000000 window, coinciding with the selloff to 136.14, confirming bearish conviction. However, turnover dipped during the 2025-12-10 040000–060000 window despite a stabilisation phase, hinting at potential exhaustion in the short term.

While technical indicators suggest a possible stabilisation near 137.00–138.00, a breakout above 139.00 could challenge earlier support-turned-resistance levels. Investors should remain cautious and watch for volume confirmation or divergence in the next 24 hours to gauge the sustainability of a potential bounce.