Market Overview for Solana/Argentine Peso (SOLARS) on 2025-09-22

• • •

• Price dropped 9.4% over 24 hours from 372,658 to 321,447.
• Momentum weakened as RSI approached oversold territory (28–30).
• Low volume in early hours contrasted with strong turnover in late ET.
• Bollinger Bands tightened before a sharp move toward the lower band.
• Bearish engulfing patterns emerged in the afternoon trading session.

24-Hour Price and Volume Snapshot

Solana/Argentine Peso (SOLARS) opened at 372,658 at 12:00 ET–1 and reached a high of 372,658 before declining sharply to a low of 318,749 by 13:45 ET. The pair closed at 321,447 at 12:00 ET. Total volume for the 24-hour period was 59.979, while notional turnover was approximately 21.16 million ARS.

Structure & Formations

The 24-hour price action featured a bearish breakdown from a prior consolidation range. Key support levels emerged at 367,271, 361,041, and 342,910, with the last level holding briefly before a sharp sell-off. A notable bearish engulfing pattern occurred around 14:30–15:15 ET, following a 15-minute rally that failed to retest the 330,108 level. A doji appeared near 343,924, suggesting indecision before a further decline.

Moving Averages

Short-term momentum indicators (20/50-period moving averages on the 15-minute chart) have remained bearish, with the 50-period MA below the 20-period MA since the afternoon. On the daily chart, the 50-period MA crossed below the 100-period MA, reinforcing the bearish bias. Prices are currently below the 200-period MA, indicating a prolonged downtrend.

MACD & RSI

The MACD line has remained negative for the past 12 hours, with the histogram widening toward the close. RSI has dropped to 28–30, signaling near-oversold conditions, but without confirmation from volume. This divergence suggests a potential bounce is possible, though limited without a strong reversal candle.

Bollinger Bands

Volatility contracted during the early part of the session before a sudden expansion after 13:00 ET. Price closed near the lower Bollinger Band, a classic bearish signal. The width of the bands has since stabilized, but the price remains near the lower boundary, indicating continued pressure on the short side.

Volume & Turnover

Volume surged in the late afternoon and early evening, with heavy selling pressure driving the price below key support levels. Notional turnover also spiked during the 13:45–16:00 ET window, particularly during the sharp drop from 326,000 to 321,447. However, volume in the early part of the session was nearly nonexistent, suggesting a lack of institutional or large-scale participation during the consolidation phase.

Fibonacci Retracements

Applying Fibonacci levels to the recent swing high (372,658) and swing low (318,749), the price currently rests near 61.8% retrace level (~324,350). A break below 322,870 (38.2% retrace) would confirm a deeper bearish leg. On the 15-minute chart, key levels to watch for reversals or continuation include 330,108 and 342,910.

Backtest Hypothesis

Given the current technical setup, a potential backtest strategy could involve a short bias triggered at 326,000 with a stop above 330,108 and a target near 318,749. The RSI nearing oversold territory suggests a bounce is possible, but without a strong reversal candle or a volume spike, a continuation of the downward trend remains more likely. A dynamic trailing stop could be used to lock in gains as the price approaches key Fibonacci levels.

Outlook and Risk

The near-term bias remains bearish, with price testing 61.8% Fibonacci level and the lower Bollinger Band. A retest of 330,108 could bring in liquidity, but without a bullish reversal pattern or strong volume, further declines toward 315,000 appear probable. Traders should watch for divergence in the RSI and volume to avoid false bounces. A strong break above 330,108 with increasing volume would invalidate the bearish case.