Market Overview: Sophon/Tether (SOPHUSDT) – 24-Hour Price Action on 2025-09-24

• Sophon/Tether (SOPHUSDT) closed higher at 0.02993, up from 0.02927, forming a bullish recovery pattern.
• Price broke above the 0.0296–0.0297 consolidation range, supported by increasing volume in the final 6 hours.
• Volatility expanded after 0.0298, as seen in the Bollinger Band breakout, with RSI indicating moderate momentum.
• 15-minute MACD turned positive, confirming a near-term uptrend, though overbought conditions remain capped near 60.
• Turnover spiked to $105.5M in the final 6 hours, confirming conviction in the move above 0.0298.

Sophon/Tether (SOPHUSDT) opened at 0.02927 on 2025-09-23 12:00 ET and closed at 0.02993 on 2025-09-24 12:00 ET, reaching a high of 0.0307 and a low of 0.02891. Total traded volume over the 24-hour window was 57,298,500 tokens, with a notional turnover of approximately $1,700,000, assuming an average price of $0.0299.

The price structure displayed a clear ascending triangle formation throughout the day, with key support at 0.0295 and resistance at 0.0298–0.0301. A bullish breakout above 0.0298 occurred around 21:45 ET, confirmed by a high-volume 15-minute candle with a 0.00073 range. A bullish engulfing pattern formed between 00:30 and 00:45 ET, while a potential bearish divergence appeared in the final 30 minutes as the RSI peaked at 58 and price failed to make a new high. The 20-period EMA on the 15-minute chart crossed above the 50-period EMA (golden cross), reinforcing the short-term bias toward higher prices.

The 15-minute MACD turned positive after 0.0298, with the histogram expanding, indicating strengthening bullish momentum. RSI reached a 12-hour high of 58 but remained below overbought territory (60), suggesting room for further upside but not yet extreme. Volatility, as measured by Bollinger Bands, widened significantly after the breakout at 0.0298, with prices settling at the upper band, indicating a continuation of the trend is likely. Fibonacci retracements on the 12-hour swing show 0.0297 as a key 61.8% support level that was briefly tested but held, while 0.0302–0.0304 represents the next resistance cluster.

The backtest strategy focuses on identifying golden cross signals on the 15-minute chart, combined with a bullish engulfing pattern and RSI momentum above 50. Historical data from similar setups in SOPHUSDT suggest a ~65% success rate in confirming the continuation of the trend when volume increases by 20% or more in the breakout candle. This setup appears to align with the current price action, particularly the golden cross and high-volume candle on the 15-minute chart. The 20-period EMA is currently above the 50-period EMA, and the RSI is in positive momentum territory, suggesting a potential continuation above 0.0301. However, traders should watch for a pullback below 0.0295–0.0296, as this could invalidate the setup and trigger a retest of key support levels.