SOMI +146.97% in 24 Hours Amidst Sharp Short-Term Volatility

On SEP 18 2025, SOMI surged by 146.97% within 24 hours to reach $1.2762. Over the past 7 days, the token experienced a significant drawdown of 647.29%. However, over the past month and year, it has demonstrated explosive growth, rising by 15982.51% in both timeframes. This sharp short-term movement underscores the volatile nature of the asset and highlights potential turning points in its price behavior.

The token has recently crossed above a key resistance level following a prolonged period of consolidation. Analysts have noted the break above this level as a positive signal, suggesting that buyers may have regained control. However, the large correction over the past week has introduced uncertainty about the sustainability of the upward momentum. The 24-hour surge may represent a short-term reversal, though traders are advised to remain cautious given the token’s recent history of rapid price swings.

The token’s recent price action has attracted attention from technical traders, many of whom are focusing on its position relative to key moving averages and Fibonacci retracement levels. The 50-day and 200-day moving averages are currently aligned in a bullish configuration, supporting the case for further gains. Additionally, the price has retraced to a key Fibonacci level that may serve as a near-term support or resistance zone. These indicators suggest the token remains in a technical bull market, despite the sharp weekly drop.

Backtest Hypothesis

A proposed backtest strategy involves entering a long position when the price breaks above the key resistance level confirmed on SEP 18, accompanied by a bullish divergence in the RSI. Exit criteria include a stop-loss placed below the next Fibonacci retracement level and a take-profit target set at the previous all-time high. The strategy also incorporates trailing stops to lock in gains during favorable momentum. This approach would test whether the recent breakout is a continuation of a long-term bullish trend or a temporary market reaction to short-term volatility.