Market Overview for Solana/Tether (SOLUSDT) — November 1, 2025

• SOLUSDT traded in a tight range with bearish bias, closing below prior open after a bearish engulfing pattern.
• Volatility remained low, with Bollinger Bands constricting, suggesting potential for a breakout.
• RSI approached oversold territory, hinting at a possible near-term rebound, though bearish momentum remains intact.
• On-chain volume remained in line with price action, offering no divergence but confirming downside bias.
• A 15-min 20SMA crossover below 50SMA added bearish confirmation, supporting near-term short-term bearish signals.

The Solana/Tether (SOLUSDT) pair opened at 188.26 on 12:00 ET-1 and closed at 186.42 on 12:00 ET. The 24-hour range was between 183.79 and 189.51, with total volume of 1,475,827.098 and turnover of $268,414,487. Price action showed bearish continuation with key bearish engulfing and reversal patterns.

Structure & Formations

Price moved lower for much of the session, forming bearish engulfing patterns and a small bearish harami during the early session. These formations suggest a continuation of the bearish bias. A key support level emerged near 185.00–186.00, where price found repeated support on multiple 15-min timeframes. Resistance remains intact at 188.00–189.00, with price unable to retest the 189.51 high. The overall structure indicates a possible short-term consolidation before a retest of key support.

Moving Averages

On the 15-min chart, the 20SMA crossed below the 50SMA in early trading, confirming the bearish bias. The 50SMA is currently at 187.40, acting as a key resistance level. Daily averages show the 50DMA at 187.85, 100DMA at 188.10, and 200DMA at 188.50 — all above current price — reinforcing a bearish bias. A move below 186.00 would see the 50DMA become a significant near-term support.

MACD & RSI

The MACD remained negative throughout the 24-hour period, with the histogram showing bearish divergence and a weak momentum profile. RSI reached 31.2 by the end of the session, entering oversold territory but not yet triggering a rebound. This suggests further consolidation or a small pullback is possible, though bearish momentum remains intact. A RSI rebound above 50 would be a key trigger for a potential short-term bounce.

Bollinger Bands

Volatility remained compressed as Bollinger Bands tightened toward the end of the session, with the 20-period bands converging to a range of ±1.45. Price closed near the lower band, indicating a potential oversold condition. A breakout above the upper band would require a strong reversal, while a breakdown below the lower band would confirm the bearish momentum.

Volume & Turnover

Volume remained consistent with price action, with no major divergences observed. Notable volume spikes were seen around 185.00–186.00, confirming the support region. Turnover followed a similar pattern, with higher activity during the early bearish move. No major volume expansion or contraction suggested any unusual on-chain activity, indicating the price action was driven by a broad, bearish sentiment rather than a large institutional move.

Fibonacci Retracements

On the 15-min chart, price found support at the 61.8% Fibonacci retracement level (186.30) after a key pullback from the 188.50 high. The 38.2% level (187.50) acted as a minor resistance before the final close. Daily Fibonacci levels suggest a potential next target near 183.79 (61.8% from recent high), though a consolidation at current levels is likely before such a move.

Backtest Hypothesis

The “Solana Bearish Engulfing Short Strategy” backtest provides empirical validation for key bearish candlestick signals observed today. The strategy, which triggers a short at the open following a bearish engulfing pattern and covers at the close of the next session, aligns with today’s technical setup. Given the formation of a bearish engulfing pattern early in the session, the strategy would have triggered a short at the next open, which was confirmed by subsequent bearish price action. The results from the backtest, including CAGR, win rate, and drawdowns, may inform risk-adjusted expectations for similar setups in the near term.