Sophon Plunges After Key Support Break, Volume Spikes at $0.008

Summary
• Price declined from $0.00834 to $0.00804, with key support holding near $0.00805–$0.00806.
• Momentum weakened on bearish divergence in RSI and declining turnover.
• Volatility expanded significantly, with Bollinger Bands widening after early consolidation.
• Volume surged in the late-night hours, coinciding with a sharp drop to $0.008.

Market Overview
Sophon/Tether (SOPHUSDT) opened at $0.00833 (12:00 ET − 1), reached a high of $0.00834, and a low of $0.008, closing at $0.00806 (12:00 ET). Total volume reached 8,478,746.0 and turnover stood at $68,413.0.

Structure & Formations

Price broke below a key support level around $0.00813–$0.00814 early in the session, triggering a sharp decline. A large bearish candle formed around 03:30–04:00 ET, signaling strong selling pressure. A potential short-term support area is emerging around $0.00805–$0.00806, which has been tested multiple times and may hold in the near term.

Technical Indicators

RSI moved into oversold territory toward the end of the period, suggesting a possible short-term rebound. MACD showed bearish divergence with price as the indicator trended lower while prices briefly rebounded in the afternoon.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly during the drop to $0.008, reflecting increased volatility. Price spent much of the day near the lower band, which may indicate oversold conditions if the move is temporary.

Volume and Turnover

Volume surged during the late-night drop, with over a million units traded between 03:30 and 04:30 ET as price fell to $0.008. Turnover spiked in line with price action, suggesting conviction in the move lower. A divergence appeared between volume and price in the afternoon, hinting at weakening bearish momentum.

Forward-Looking Observation

Sophon/Tether may test the $0.00805–$0.00806 level again as a short-term floor. If this area fails to hold, further downside toward $0.008–$0.00795 could follow. Traders should remain cautious about the risk of a sharp rebound if short-term oversold conditions trigger buying interest.