Market Overview: Solana/Argentine Peso (SOLARS)

• SOLARS opened at 357,700 and traded between 339,446 and 360,083, closing at 352,684.
• Price experienced multiple pullbacks and volatile swings, with key support tested below 350,000.
• Volume remained subdued for much of the session, with a sharp increase near the close.
• RSI signaled overbought levels early on, followed by a bearish divergence.
• Bollinger Bands expanded in the final hours, signaling increased volatility.

Opening and Range Summary

Solana/Argentine Peso (SOLARS) opened at 357,700 on October 6, 2025, and traded within a 24-hour range of 339,446 to 360,083. By 12:00 ET on October 7, the pair closed at 352,684, reflecting a bearish shift. Total volume over the period was 56.104, while total turnover reached 19.107 million ARS. The price action showed significant volatility and multiple attempts to retest key levels.

Structure and Key Patterns

The 15-minute chart displayed bearish engulfing patterns around 16:30 ET and again after 01:30 ET on October 7, signaling a shift in momentum. A key resistance level emerged around 358,422 and was tested multiple times, with a failed breakout. A notable support zone was identified near 351,381, where price found multiple bids, but failed to sustain above that level. A bearish flag pattern formed after 04:45 ET, with the price breaking below a consolidation range.

Moving Averages and Momentum

A 20-period moving average on the 15-minute chart crossed below the 50-period line, indicating bearish momentum. On the daily chart, price remained below both the 50 and 200-period moving averages, confirming a downtrend. MACD lines crossed into negative territory early in the session and stayed there, suggesting bearish momentum. RSI reached overbought levels above 70 before declining sharply, with a bearish divergence suggesting a potential breakdown.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly in the latter half of the session, especially after 15:00 ET, signaling increased volatility. Price stayed below the middle band for most of the session, and a sharp drop below the lower band after 15:15 ET confirmed a bearish breakout. This indicates traders may expect further downward movement unless the price retests and holds above the 355,000 level.

Fibonacci Retracements

Key Fibonacci levels were tested during the session, with the 61.8% retracement level at 354,110 offering resistance. Price failed to hold above this level and fell to 349,502, a 38.2% retracement level, before rebounding. Traders should keep an eye on the 351,381 support level, which corresponds to a 50% Fibonacci retracement. A break below this level could target 343,000 as the next Fibonacci extension.

Backtest Hypothesis

Based on the observed patterns and indicators, a backtesting strategy could involve entering short positions on a breakout below the 351,381 support level, with a stop-loss placed above 355,520. A target of 343,000 could be used as the first profit target. This setup would be reinforced by a bearish RSI divergence and the price staying below key moving averages. If this level holds, it may offer a high-probability entry for short-term bearish positions over the next 24–48 hours.