Summary
• Price opened at $133.12, dipped to $130.42 before closing at $131.02, forming a bearish reversal pattern near 133.0.
• Volume surged past 100,000 during the 24-hour window, but price failed to retest prior resistance at 133.35.
• RSI and MACD show weakening momentum, with RSI dipping into oversold territory below 30 after a prolonged bearish leg.
Market Overview
Solana/Tether (SOLUSDT) opened at $133.12 and reached a high of $133.66 before falling to a low of $130.42 and closing at $131.02 by 12:00 ET. Total volume for the 24-hour period was 796,501.11 SOL, with notional turnover reaching $103,246,198.50.
Structure & Formations
Price initially tested the 133.0–133.5 resistance cluster but failed to hold above 133.35, leading to a bearish breakdown. A bearish engulfing pattern formed near 133.0, followed by a key breakdown below 132.0. Support levels at 130.5 and 130.0 appear critical ahead of any potential rebound.
Moving Averages
On the 5-minute chart, price closed below the 20- and 50-period moving averages, indicating short-term bearish bias.
On the daily chart, the 50-period MA sits at ~132.40, while the 200-period MA is around 130.70, suggesting a possible test of the 130.70 level in the next 24 hours.
Momentum Indicators
MACD remains bearish with a negative crossover and a declining histogram, while RSI dipped to 28 in the final hours of the session, signaling potential short-term oversold conditions. However, without a clear reversal confirmation, a bounce may be short-lived.
Volatility and Bollinger Bands
Volatility expanded as price dropped below the lower Bollinger Band during the 14:00–16:00 ET session. A contraction in the bands could follow if price consolidates near 130.5, potentially leading to a breakout or breakdown.
Fibonacci Retracements
On the 5-minute chart, the 61.8% Fib level lies near $131.80, which could serve as resistance if price attempts a short-covering rally. On the daily chart, the 38.2% Fib retracement level is at 132.05, a likely retest target for near-term buyers.
Looking ahead, Solana/Tether may test support at 130.5–130.0 before any potential short-term bounce, but a break below 130.0 could accelerate the decline. Traders should remain cautious as volatility remains elevated and momentum remains bearish.
Comments
No comments yet