Market Overview for Solana/Argentine Peso (SOLARS) – 2025-10-06

• SOLARS opened at $350,776 and closed at $357,700, reaching a 24-hour high of $358,422.
• A bullish reversal formed near $346,399, followed by a strong upward push toward $358,000.
• Volatility surged in the final hours, but volume remained low despite price gains.
• RSI suggests moderate overbought conditions, while MACD showed a positive crossover.
• Bollinger Bands contracted early and expanded sharply during the closing session.

Overview and Opening Data

Solana/Argentine Peso (SOLARS) opened at $350,776 on 2025-10-05 12:00 ET and closed at $357,700 by 2025-10-06 12:00 ET. The pair touched a 24-hour high of $358,422 and a low of $346,399. Total traded volume was 65.324 units, while notional turnover reached $22,834,369. The asset exhibited a moderate bullish bias during the session, with strong buying pressure emerging in the final hours.

Structure & Formations

A bearish engulfing pattern appeared at $346,399, where the candle opened at $349,619 and closed at the same level after a sharp decline. This was followed by a strong bullish reversal at $349,619, where buying interest surged, pushing prices toward $358,422. The most notable candlestick was a long bullish body with a high wick at $358,422, suggesting resistance near this level. A potential support zone appears at $349,619, and a key resistance is at $358,422.

Moving Averages

Short-term moving averages (20/50-period) on the 15-minute chart crossed to the bullish side late in the session, confirming the upward move. The 20-period MA closed at $355,621 and the 50-period MA at $354,328, indicating a positive crossover. Longer-term averages (50/100/200-period) suggest a mixed picture, with the 50-period daily MA at $349,500 and the 200-period MA at $346,000. The price remains above the 50-period daily line, which could offer near-term support.

MACD & RSI

The MACD line crossed above the signal line in the final hours, confirming a bullish momentum shift. The histogram showed increasing positive divergence, suggesting the upward move may have more room to extend. RSI reached 65 in the final hours, indicating overbought conditions but not extreme levels. This suggests buyers remain active but could pause if a pullback occurs.

Bollinger Bands

Bollinger Bands displayed a sharp expansion during the final 30 minutes, with the price closing near the upper band at $358,422. The bands had been compressed earlier in the session, signaling a period of consolidation. The recent expansion aligns with the sharp rise in price and indicates an increase in volatility. If the price breaks above $358,422, the upper band could become a dynamic support level.

Volume & Turnover

The volume remained below average throughout most of the session, but a notable spike occurred at $358,422, where 16.386 units were traded. This suggests increased participation as the price approached its high. However, the overall volume was low, which could indicate a lack of conviction in the current upward move. Turnover spiked in line with the volume increase, showing a proportional rise in notional value traded. No significant divergence was observed between price and volume, suggesting the move is supported by genuine buying interest.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing from $346,399 to $358,422, key levels include 38.2% at $350,981 and 61.8% at $355,897. The current price is approaching the 61.8% level, which may act as a short-term resistance. On the daily chart, the 38.2% retrace of the recent downtrend is near $351,500, and the 61.8% retrace is at $349,000. A break above $358,422 could target the next Fibonacci extension levels near $360,500.

Backtest Hypothesis

Given the recent price structure, a potential backtest strategy could be based on a bullish breakout above the 20-period MA, confirmed by a positive MACD crossover and a volume spike. A long entry could be triggered at a price of $356,000 with a stop loss placed below $353,500 and a profit target aligned with the next Fibonacci extension at $360,500. This setup leverages the confluence of moving averages, momentum indicators, and volume to filter high-probability entries.