Market Overview: Solayer/Bitcoin (LAYERBTC) - 24-Hour Analysis

Summary
• Price formed a bullish engulfing pattern near key support at $2.11e-06.
• Volatility expanded late in the 24-hour period, with a 5.7% range from low to high.
• RSI entered oversold territory briefly but failed to close below 30.
• Volume spiked sharply in the early morning hours, confirming a short-covering rally.
• Bollinger Bands showed contraction early, followed by a break above the upper band.

Market Overview

At 12:00 ET-1, Solayer/Bitcoin (LAYERBTC) opened at $2.17e-06 and traded within a range of $2.11e-06 to $2.31e-06, closing at $2.15e-06 by 12:00 ET. Total traded volume was 45,328.37, with a notional turnover of $94.32.

Structure & Formations

A bullish engulfing pattern emerged after price retested the $2.11e-06 level, suggesting potential short-term reversal. The pattern aligns with the 61.8% Fibonacci retracement level from the recent 5-minute swing, reinforcing the area’s significance.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages crossed in a bullish crossover around $2.13e-06, indicating short-term upside bias. Daily moving averages (50/100/200) remain largely flat but have not yet responded to recent price action.

Momentum Indicators

MACD showed a strong positive divergence in the final hours, with price consolidating near resistance but the MACD line trending upward. RSI dipped into oversold territory but rebounded sharply, supporting the idea of a short-covering rally.

Volatility and Bollinger Bands

Volatility showed a clear expansion after a period of consolidation, with the 20-period Bollinger Bands tightening early in the 24-hour period before breaking above the upper band. Price closed just below the upper band, indicating a strong move but not yet an overbought condition.

Volume and Turnover

Trading volume surged sharply during the 00:00–01:00 ET period, with a large block of $26499.45 at $2.26e-06, coinciding with the most significant price rise. Turnover and price action were in strong alignment, suggesting institutional participation.

Price appears to have found a near-term bottom at $2.11e-06 and may attempt a test of $2.25e-06 in the next 24 hours. A break below $2.11e-06 could trigger renewed bearish momentum. Investors should watch volume and RSI for signs of exhaustion or follow-through strength.