Solana Market Overview

• Solana posted a 24-hour low of $196.11 after a sharp bearish move from $213.37, signaling potential bearish exhaustion.
• A key 15-minute bearish engulfing pattern emerged at $206.57, suggesting increased downward pressure.
• Volume surged during the selloff into the 8 PM ET session, confirming bearish sentiment.
• RSI reached oversold levels near 30, hinting at short-term potential for a rebound.
• Bollinger Bands showed a recent expansion, reflecting heightened volatility.

Solana (SOLUSDT) opened at $207.25 on 2025-08-24 at 12:00 ET, surged to a high of $213.37 before retreating to a low of $195.20 and closing at $197.55 on 2025-08-25 at 12:00 ET. Total volume for the 24-hour period was approximately 12.3 million SOL, with notional turnover totaling $2.53 billion.

Structure & Formations

Key support levels formed at $201.53 and $198.69 on the 15-minute chart, with a decisive bearish engulfing pattern forming at $206.57. A potential short-term base appears to be developing between $196.0 and $198.50, where price has found repeated support. On the daily chart, the 50- and 100-day moving averages converge near $200.00, offering a potential pivot zone for near-term direction.

Moving Averages

On the 15-minute chart, price has closed below the 50-period and 20-period SMAs, reinforcing bearish momentum. On the daily timeframe, Solana remains below the 50-day and 100-day SMAs, with the 200-day SMA acting as a long-term floor at $180.00.

MACD & RSI

The MACD turned bearish during the selloff into $195.20, with a negative crossover in late ET hours. RSI hit oversold territory near 30 at the end of the session, indicating potential for a short-term bounce. However, the overbought level at 75 has not been reached, suggesting bullish momentum remains weak.

Bollinger Bands

Bollinger Bands expanded significantly during the 24-hour selloff, reflecting heightened volatility. Price closed near the lower band, reinforcing the bearish bias, but the widening of the bands suggests the market could consolidate soon.

Volume & Turnover

Volume spiked during the 8 PM–9 PM ET session as price fell from $213.37 to $201.53, confirming bearish conviction. However, volume has since declined, indicating potential exhaustion. Notional turnover dropped by ~30% in the final 6 hours of the session, suggesting reduced selling pressure.

Fibonacci Retracements

On the 15-minute chart, the 61.8% retracement level of the $205.62–$211.76 move is at $208.10, which failed to hold. On the daily chart, the 61.8% retracement of the $195.00–$213.37 move is at $204.00, a key psychological level.

The market appears to be consolidating near $198.00, with momentum favoring a test of the $196.00 support zone. A rebound above $201.53 could reignite short-term bullish sentiment, but a breakdown below $195.00 would confirm bearish continuation. Investors should remain cautious as volatility remains elevated and divergences in volume suggest a shift in sentiment could be imminent.