Market Overview for Somnia/Tether (SOMIUSDT) on 2025-09-05

• Price surged over 40% from $0.39 to $0.57, driven by a sharp bullish breakout in afternoon ET.
• High volume and volatility expansion confirmed the breakout, with price reaching a 24-hour high of $0.594.
• RSI entered overbought territory, while MACD showed a bullish crossover, suggesting potential continued strength.
• Bollinger Bands widened sharply, and price closed near the upper band, indicating high momentum.
• Fibonacci retracement levels at $0.526 and $0.48 may now serve as key support and resistance for the next 24 hours.

The 24-hour candle for SOMIUSDT opened at $0.39, touched a high of $0.594, and settled near $0.5535 at 12:00 ET. The total volume was approximately 54,741,716.4, and the turnover reached $29,123,959. The price action showed a significant upward reversal in the late afternoon, with a strong bullish continuation into the early hours of the next day, indicating a shift in market sentiment.

Support levels formed at key 15-minute candle lows such as $0.526 and $0.5023, while resistance appears near $0.5488 and $0.5629. A bullish engulfing pattern emerged around the 21:30 ET time frame, with confirmation from increased volume and price momentum. A doji candle formed near $0.5303, signaling a brief consolidation phase before a breakout. The price action appears to have broken out of a descending channel, which could indicate the start of a new bullish trend.

The 15-minute 20-period and 50-period moving averages crossed in a bullish manner after the breakout, aligning with the strong upward move. The MACD histogram turned positive, showing a surge in bullish momentum, while the RSI crossed above 60, signaling potential overbought conditions. The Bollinger Bands saw a significant expansion after the breakout, and the price closed near the upper band, suggesting high volatility and bullish strength.

Fibonacci retracements drawn from the recent swing high at $0.594 and low at $0.39 indicate key levels at $0.526 (61.8%) and $0.48 (78.6%) as probable support zones. The price currently appears poised to test the $0.5629 resistance level before potentially aiming for $0.5867, with a risk of a retracement to $0.526 if volume weakens.