Market Overview for Solana/Argentine Peso (SOLARS) – 24-Hour Analysis

• SOLARS fell from 334,070 to 315,233 over 24 hours, closing near its session low.
• Price action showed a bearish breakdown below 325,000 and tested 315,000.
• High volatility between 334,070 and 312,204; RSI hit oversold territory after 18:00 ET.
• Volume spiked at 18:30 ET during the 329,530–323,205 decline but remained muted afterward.
• Bollinger Bands suggested tightening volatility prior to the sharp drop, raising bearish expectations.

The Solana/Argentine Peso pair, trading as SOLARS, opened at 334,070 on October 9 at 12:00 ET and closed at 315,930 on October 10 at 12:00 ET. The 24-hour low reached 312,204, and the high hit 334,070, with total volume traded at 119.37 units and a notional turnover of approximately $36,886,745. A sharp bearish move unfolded between 18:00 and 19:30 ET, during which the price dropped from 332,466 to 323,205, indicating a loss of bullish momentum and a breakdown in key psychological levels.

Structure and candlestick patterns over the 15-minute timeframe revealed bearish dominance, with a series of dark cloud covers and bearish engulfing patterns confirming weakening sentiment. A notable 325,000–315,000 breakdown occurred around 18:30–19:15 ET, which marked a critical resistance-turned-support level. A doji at 323,153–323,153 signaled indecision, while the 19:30–20:00 ET consolidation indicated short-term range-bound trading. A bearish pennant formation formed between 326,848 and 325,874 ahead of the breakdown, suggesting further downside potential if the 315,000–312,000 range failed to hold.

The 20-period and 50-period moving averages on the 15-minute chart diverged sharply as the price fell below both, with the 50-period line crossing below the 20-period line to form a death cross. The daily chart showed the 50-period MA at 329,000 and the 200-period MA at 332,500 (estimated), indicating a bearish bias. MACD turned negative after 18:00 ET, with the histogram shrinking after 21:00, signaling a slowdown in bearish momentum. RSI hit an oversold level of 22 after 19:00 ET and remained below 30 until 08:00 ET the next day, hinting at potential support near 315,000–312,000.

Bollinger Bands narrowed from 330,000 to 327,000 before the sharp sell-off, indicating a period of low volatility followed by a breakout in a bearish direction. Price broke below the lower band at 323,205 and continued trading within the lower half of the bands, suggesting a continuation of the bearish trend. The 38.2% and 61.8% Fibonacci retracement levels from the 334,070–312,204 swing were at 329,700 and 322,500, respectively. The price failed to find support at 322,500 and continued lower toward the 312,204 swing low.

Backtest Hypothesis

The proposed backtest strategy focuses on short-term bearish bias using a combination of RSI and moving average crossovers as entry triggers. The 20-period MA crossing below the 50-period MA (death cross) on the 15-minute chart signals entry into a short position, while RSI below 30 confirms oversold conditions. The stop-loss is placed above the most recent swing high (325,000–327,000), and the take-profit targets align with Fibonacci levels at 322,500 and 315,000. A trailing stop could be used as the price continues to fall below key support levels. This strategy could be effective in a highly volatile environment like the current one, where trend continuation after a breakdown is probable, but must be adapted to real-time volatility and volume patterns.