Market Overview for Solana/Tether (SOLUSDT): September 17, 2025

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• Solana/Tether (SOLUSDT) opened at $235.35, reached a high of $240.95, and closed at $234.16 with moderate volatility.
• The 24-hour RSI indicates moderate momentum, without clear overbought or oversold signals.
• Price fell below key support around $236.5, triggering a bearish correction after a failed bullish breakout.
• Bollinger Bands tightened during late ET trading, signaling a potential breakout attempt.
• Volume and turnover remained relatively consistent, with no clear divergence or confirmation of a reversal.

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Price and Turnover Summary

Solana/Tether (SOLUSDT) opened at $235.35 on September 16 at 12:00 ET, reached a high of $240.95, and closed at $234.16 on September 17 at 12:00 ET. Total volume for the 24-hour period was 1,528,347.91 SOL, with a notional turnover of approximately $359.4 million.

Structure & Formations

The 24-hour chart for SOLUSDT displayed a bearish correction after a short-lived bullish breakout. A strong bearish candle formed at 16:30 ET on the 15-minute chart, signaling potential exhaustion in the upward move. A key support level at $236.5 appears to have failed, with the price falling below it and forming a bearish engulfing pattern at $236.33–$235.07. Additionally, a doji formed at 00:15 ET, suggesting indecision among traders and possible reversal signals.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages crossed below key swing highs, indicating bearish pressure. The 50-period moving average on the daily chart is at $236.8, and the 200-period MA is at $234.3. Price is currently below both, suggesting a bearish bias. The RSI has fluctuated around the 50–60 range, indicating moderate momentum with no strong overbought or oversold signals. MACD has been negative, with a bearish crossover forming during the early hours of trading on September 17.

Bollinger Bands and Volatility

Volatility remained within a moderate range throughout the 24-hour period. Bollinger Bands constricted during late ET hours, indicating a potential breakout or consolidation phase. Price has been trading near the lower band, suggesting oversold conditions and potential support at $234.15–$233.9. However, the lack of a strong rebound implies the market could continue lower unless buyers step in above $236.5.

Volume and Turnover Analysis

Volume remained consistent throughout the 24-hour period, with no significant spikes or divergences. Notional turnover rose during the bearish engulfing pattern and the doji formation, confirming bearish sentiment. A divergence in volume and price movement was observed during the 02:00–05:00 ET hours when volume dipped despite continued price declines, suggesting potential exhaustion in the bearish trend.

Fibonacci Retracements

On the 15-minute chart, the 38.2% and 61.8% Fibonacci levels were tested at $238.25 and $237.00, respectively. Price fell below these levels, indicating a deeper correction. On the daily chart, the 38.2% retracement aligns with $235.9, and the 61.8% level is at $233.2. Price is currently near the 61.8% level, suggesting a potential bounce or consolidation if buyers return.

Backtest Hypothesis

A potential backtesting strategy involves entering long positions when price reclaims key Fibonacci support levels, particularly $236.5 and $235.9, with a stop-loss below $234.15. Short positions could be triggered during bearish engulfing patterns confirmed by volume increases and a bearish MACD crossover. The RSI crossing below 40 after a consolidation phase could serve as an exit signal for longs or confirmation for shorts. A trailing stop at 1.5% of price movement could be used to lock in profits during a bullish rebound.