SOLUSDT Market Overview: 24-Hour Price Action and Key Technical Levels

• Solana/Tether (SOLUSDT) climbed to a 24-hour high of $229.72 before correcting sharply after 01:00 ET.
• Momentum waned in late-night trading, with RSI and MACD signaling overbought exhaustion and bearish divergence.
• Volatility surged with a 15-minute range exceeding $2.50 at peak, but then gradually compressed.
• Heavy selling pressure emerged post-01:00 ET, with turnover spiking as price retreated toward the 222.27–223.19 support zone.
• A bullish engulfing pattern formed at the 220.0–220.77 level, suggesting potential support retests and counter-trend buying.

24-Hour Price Summary and Context

At 12:00 ET–1 on October 8, Solana/Tether (SOLUSDT) opened at $221.66 and surged to a high of $229.72 before closing the 24-hour period at $223.14 at 12:00 ET on October 9. The pair recorded a low of $218.62 and closed at $219.11 after a final 15-minute candle. Total 24-hour trading volume reached 1,098,720.865 SOL, with notional turnover of approximately $245.96 million, reflecting significant volatility and activity across the session.

Structure and Candlestick Patterns

Price rallied aggressively between 17:00–19:00 ET, forming a multi-hour ascending channel with a high at $229.67 and a low at $227.42. A large bullish engulfing pattern formed at the 220.0–220.77 level, suggesting strong buying at key support. However, the following hours saw a sharp correction, particularly between 01:00–03:00 ET, where a bearish divergence emerged in the RSI and a bearish harami pattern appeared, signaling a potential top at $229.72. A final bearish engulfing pattern at $219.0–219.9 suggested exhaustion on the short side, though price closed below that level, indicating caution.

Key Resistance and Support Levels

Key resistance levels identified from the 15-minute chart include $229.72 (24-hour high), $228.45 (Bollinger Band upper bound), and $227.09 (a confluence of trendline and Fibonacci 61.8% retracement). On the support side, $223.14 (closing price), $222.27 (a multi-hour pivot point), and $221.04 (Fibonacci 38.2% retracement) appear critical. A breakdown below $219.0 may confirm a bearish bias, with the next target at $218.62 (session low). These levels will be key to watch as the market consolidates in the next 24 hours.

Backtest Hypothesis

A potential backtest strategy could involve entering a long position on a bullish engulfing pattern forming at key Fibonacci support levels (e.g., $221.04–$222.27), combined with a RSI divergence and a reversal candlestick pattern. A stop-loss could be placed below the 219.0 level, with a target at 223.51–224.17, based on the recent swing high and Fibonacci 78.6% level. This approach leverages price action and oscillator signals to manage risk while aiming for a favorable risk-reward profile.