Market Overview for Solana/Argentine Peso (SOLARS) – 2025-09-23

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• SOLARS opened at 324800, dropped to 302000, and closed at 304268 within 24 hours.
• Price action shows strong bearish momentum with a -9.4% decline and multiple breakdowns below key levels.
• Low volume in the final hours contrasts with sharp selloffs, suggesting order book thinning or exhaustion.
• RSI indicates oversold conditions, while Bollinger Bands show moderate volatility.
• A potential short-term bounce may test 307k–310k, but bearish bias remains intact.

The Solana/Argentine Peso pair (SOLARS) opened at 324800 on 2025-09-22 at 12:00 ET, reaching a high of 324991 and a low of 302000, closing at 304268 by 12:00 ET on 2025-09-23. Total traded volume over the 24-hour period was 126.98, and notional turnover was 38,120,115.26 (in ARS). The pair experienced a strong bearish bias with a 9.4% decline, driven by large-volume selloffs in the late-night and early-morning sessions.

Structure and formations on the 15-minute chart indicate a strong bearish trend, with key support levels forming at 313k, 307k, and 302k, and resistance at 321k and 324k. The price appears to be forming a descending pattern, with multiple bearish engulfing candles confirming the trend. Notably, between 02:15 and 02:30 ET, the pair broke below 313k on high volume, which acted as a catalyst for further decline.

Moving averages on the 15-minute chart show the 20-period MA well below the 50-period MA, reinforcing the short-term bearish momentum. Longer-term indicators on daily charts also confirm a downtrend, with the 50-day MA below the 100-day and 200-day MA. The price remains firmly below all major moving averages, indicating sustained bearish pressure.

MACD is in negative territory with a bearish crossover and narrowing histogram, suggesting fading momentum in the short term. RSI has entered the oversold zone, but this has not triggered a reversal, indicating a lack of buying interest. Bollinger Bands show moderate volatility with the price near the lower band for much of the session, especially during the early-morning selloffs. This suggests that while the pair is consolidating at the lower end of the volatility range, a break below 302k may trigger increased volatility.

Volume and turnover data reflect strong selling pressure between 02:00 and 03:00 ET, with a sharp 6.8% drop from 314k to 309k on a 20.662 volume spike. However, the final hours show near-zero volume despite price action bouncing to 304k, suggesting thin liquidity or a lack of conviction in the potential rebound. Divergence between volume and price in the last two hours may signal a potential reversal or consolidation.

Backtest Hypothesis: A backtesting strategy involving a 50-period and 200-period moving average crossover on the 15-minute chart could have captured the early-morning selloff. Short entries at the close of a bearish engulfing candle (e.g., 02:30 ET at 312951) would align with the price action and volume confirmation. A stop-loss above 314k and a target near 307k would have aligned with Fibonacci retracement levels from the high of 324800. A trailing stop from 314k to 309k would have captured the majority of the decline before thinning volume signaled a potential pause.