Market Overview for Solana/Tether (SOLUSDT) - October 9, 2025

• SOLUSDT surged 2.8% over 24 hours, reaching a high of $229.69 with strong volume confirmation.
• RSI near 58 suggests moderate momentum, while Bollinger Bands indicate expanding volatility.
• A bullish engulfing pattern formed mid-day, followed by a consolidation phase overnight.
• Volume spiked during the 17:15–19:45 ET window, aligning with the price breakout.
• Notional turnover reached $1.89B, with no significant divergence between price and volume.

Opening and Key Price Metrics

At 12:00 ET on October 8, 2025, Solana/Tether (SOLUSDT) opened at $221.66 and closed at $228.62 by 12:00 ET on October 9. The pair reached a high of $229.69 and touched a low of $220.59 over the 24-hour period. Total volume was 593,594.35 SOL, and notional turnover amounted to approximately $1.89 billion, reflecting robust participation in both bullish and bearish phases.

Structure & Formations

The price action displayed a strong bullish bias in the early evening hours, with a bullish engulfing pattern forming between 17:15 and 17:30 ET, signaling a reversal from a prior bearish trend. A minor bearish divergence was observed near the top of the consolidation phase overnight, with the price forming a small doji at 01:30 ET. This could indicate indecision among traders and may precede a pullback.

Moving Averages and MACD

On the 15-minute chart, the 20-period and 50-period moving averages crossed over in a bullish direction during the afternoon, confirming the upward thrust. The MACD line crossed above the signal line around 17:30 ET, with a positive histogram that widened until the overnight consolidation. This suggests strong upward momentum was in play during the breakout phase.

Volatility, RSI, and Bollinger Bands

Bollinger Bands widened significantly during the breakout period, indicating heightened volatility. Price remained near the upper band for several hours before settling into a consolidation phase within the bands overnight. RSI hovered between 52 and 64 during the rally, suggesting moderate but sustained bullish momentum. While overbought conditions were not reached, a pullback could be expected if RSI dips below 50.

Volume and Turnover Divergence

Volume surged during the bullish breakout phase between 17:15 and 19:45 ET, aligning with the price move and suggesting strong conviction in the uptrend. Turnover during this window reached $1.13 billion, or 59.7% of the total notional turnover. A modest volume contraction was observed during the consolidation phase overnight, which is typical in post-breakout scenarios. No significant price-volume divergence was identified, which supports the idea that the trend could continue for the next 24 hours.

Backtest Hypothesis

Given the observed bullish reversal and consolidation patterns, a backtest strategy could involve entering a long position at the close of the bullish engulfing pattern (17:30 ET) with a stop-loss just below the low of the previous bearish candle. A take-profit level could be placed near the 61.8% Fibonacci retracement of the breakout move. Over the next 24 hours, if price breaks above $229.69 with increased volume, this would confirm the strategy and potentially justify extending the take-profit to the next resistance level.