Market Overview: Solana/Tether (SOLUSDT) – January 9, 2026

Summary
• SOLUSDT formed a bullish engulfing pattern around 136.53–138.19, indicating potential reversal after a pullback.
• RSI entered overbought territory above 70, suggesting possible near-term profit-taking.
• Volume surged in late hours, confirming strength in higher highs.
• Bollinger Bands showed a contraction during the 5-hour period from 01:00 to 06:00 ET before a sharp price break.

The 24-hour period for Solana/Tether (SOLUSDT) opened at 136.53, reached a high of 141.17, and closed at 138.28, with a low of 136.13. Total volume was 2,457,087.93 SOL, and notional turnover amounted to $336,643,834.95. Price action shows signs of consolidation after a strong rally and pullback, with key resistance at 139.60 and support near 137.60.

Structure & Formations

A bullish engulfing pattern formed between 17:00 and 17:15 ET, suggesting a short-term reversal. A morning breakout above 139.60 was followed by a pullback that tested the 138.20–138.50 zone, acting as support. A bearish divergence emerged at the end of the day as price failed to make a higher high despite higher turnover.

Moving Averages

On the 5-minute chart, price spent much of the session above the 20- and 50-period moving averages, indicating bullish momentum. Daily data suggests a potential crossover with the 100-period MA at ~138.80, which could trigger further directional clarity.

MACD & RSI

The 5-minute MACD crossed above the zero line early in the session, confirming bullish momentum. However, the RSI spiked into overbought territory (above 70), suggesting a possible pullback. Overbought conditions could lead to a retracement or consolidation before a fresh attempt higher.

Bollinger Bands

Bollinger Bands displayed a period of contraction between 01:00 and 06:00 ET, followed by a sharp breakout above the upper band. Price remained near the upper band for much of the session, indicating a strong trend and high volatility.

Volume & Turnover

Volume and turnover increased notably after 03:30 ET, particularly during the 10:15–11:45 ET period, coinciding with the price break above 140.00. However, a divergence in volume appeared in the final hour as price moved lower despite higher turnover, signaling potential uncertainty among traders.

Fibonacci Retracements

Key 38.2% and 61.8% Fibonacci retracement levels at 139.60 and 137.60 respectively acted as pivot points. A break above 139.60 could target the next resistance at 140.80, while a retest of 137.60 may lead to further consolidation.

The market appears poised for a directional move, with momentum favoring the bullish case if the 139.60 level holds. However, overbought conditions and increasing volatility may encourage profit-taking, creating short-term uncertainty. Traders should remain cautious of divergences and potential breakouts from key levels in the next 24 hours.