Market Overview: Sophon/Tether (SOPHUSDT) Daily Review

• SOPHUSDT rose from $0.0285 to $0.02968, forming bullish momentum with high-volume clusters near key resistance levels.
• A bullish engulfing pattern emerged early in the session, followed by a consolidation phase within Bollinger Bands.
• RSI reached overbought territory near 70, while volume remained elevated, suggesting possible exhaustion or continuation.
• A sharp breakout above the 0.0293–0.0294 consolidation range could signal a test of the 0.0297–0.0298 psychological barrier.
• Divergences between price and MACD suggest a potential short-term correction, despite the overall bullish trend.

Sophon/Tether (SOPHUSDT) opened at $0.0285 on 2025-10-02 at 12:00 ET and reached a high of $0.02968 before closing at $0.02966 on 2025-10-03 at 12:00 ET. The pair traded within a $0.00115 range, with a total 24-hour trading volume of approximately 12.4 million and a notional turnover of $357,000.

On the 15-minute chart, SOPHUSDT formed several bullish patterns, including a key engulfing candle at 19:15 ET and a potential three white soldiers pattern following the consolidation between $0.0291 and $0.0294. The price remained above the 20-period moving average for much of the session, confirming short-term strength. The 50-period moving average crossed above the 20-period line, suggesting a positive bias for the next few hours.

Structure & Formations

The price action displayed clear support and resistance zones. A key support level emerged around $0.0289–0.0291, which was tested and held on multiple occasions. Resistance was initially seen at $0.0293–0.0294 before the price surged through to $0.02968. A bullish engulfing pattern at 19:15 ET and a series of higher lows and higher highs from 19:30 ET onward suggest strong accumulation pressure. The formation of a potential three white soldiers pattern in the final 45 minutes of the session could indicate a continuation of the bullish trend.

MACD & RSI

The 15-minute MACD showed a bullish crossover, with the histogram expanding in the positive territory after 19:15 ET, reinforcing the bullish momentum. RSI reached a high of 71 near the close, indicating overbought conditions. While this may suggest a near-term pullback, the continued strength in volume suggests that the bullish trend could persist.

Bollinger Bands

The price remained within the Bollinger Bands for the majority of the session, showing moderate volatility. A contraction in the band width occurred around 21:00–21:45 ET, followed by a breakout to the upper band in the final hour. This expansion suggests increased volatility and potentially higher trading interest. The price closed near the upper band, suggesting continued bullish pressure.

Volume & Turnover

Trading volume was elevated during key breakout moments, particularly after 19:30 ET, when the price surged past $0.0293. The highest volume spike occurred at 19:15 ET, coinciding with the engulfing pattern, indicating strong buying pressure. The notional turnover also increased in line with price action, showing no significant divergence. This alignment between volume and price suggests that the move is supported by real trading interest.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 19:15–20:00 ET swing, the price found support at the 38.2% level of $0.0292 before breaking through the 61.8% level at $0.02945. The current price of $0.02966 is near the 78.6% retracement level, which could serve as a potential resistance. A breakout above this level may signal a test of the $0.0297–0.0298 psychological level.

Backtest Hypothesis

A potential backtesting strategy could leverage the 15-minute engulfing patterns and 50-period moving average crossovers. Entries could be placed on a bullish engulfing pattern with confirmation from volume surges and a 20/50 MA crossover. Stop-loss levels could be set just below the prior swing low, while profit targets align with Fibonacci retracement levels. This approach would seek to capture directional moves amid low volatility and high conviction patterns.