Market Overview for Solana/Argentine Peso (SOLARS)

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• SOLARS declined sharply mid-day, dropping from 281k to below 265k before stabilizing near 268k.
• Volume spiked during the drop, with over 5.4k traded during the 19:15–20:45 ET selloff.
• RSI hit oversold levels, suggesting potential short-term bounce, though trend remains bearish.
• Bollinger Bands widened, indicating heightened volatility during the session.
• MACD turned negative, confirming bearish momentum in the last 8 hours.

At 12:00 ET–1 on October 11, 2025, SOLARS opened at 278,385.0 and reached a high of 291,415.0 by 15:30 ET before closing at 288,517.0 at 12:00 ET on October 12. The 24-hour session saw a low of 260,753.0 and total volume of approximately 113.69 units traded, amounting to a notional turnover of roughly 24.6 million Argentine Pesos.

The chart displayed a volatile 24-hour session with a sharp bearish breakdown from mid-day onwards. A key support level appears to have been tested around 260,753.0 before a rebound began late in the session, forming a potential short-term base near 268,660.0. A bullish engulfing pattern emerged from 22:00 to 00:15 ET, suggesting a possible reversal, although confirmation is pending. A doji formed around 02:00 ET, indicating indecision in the market as the price approached 261,527.0.

Moving averages on the 15-minute chart showed the 20-period line dropping below the 50-period line, forming a bearish crossover. On the daily timeframe, the 50-period line continues to decline, while the 100- and 200-period lines remain in a downtrend. This suggests a continuation of bearish momentum in the near term, with potential for further consolidation or a rally if bullish volume re-enters the market.

The RSI for the 15-minute chart dived into the oversold territory after the sharp sell-off, reaching below 30 for a few hours, and has since remained in that range. This suggests the pair may be due for a bounce, although it has yet to break above the 61.8% Fibonacci level of 285,250.0 from the previous swing low. The MACD line, which had been positive during the morning, turned negative by 19:30 ET, reinforcing bearish momentum. Bollinger Bands widened significantly during the selloff, reflecting heightened volatility, and price closed near the lower band, indicating a possible oversold condition. These technicals together hint at a potential bounce, but trend-following traders should remain cautious until a clear breakout above 285,000.0 is seen.

The total notional turnover was relatively low, with the majority of activity occurring during the selloff. However, volume did not confirm the strength of the bearish move, suggesting that the selloff may have been driven by a few large orders rather than broad market participation. A divergence between price and volume was observed between 20:00 and 21:00 ET, where price continued to fall despite no significant volume spikes. This could signal a temporary exhaustion of bearish pressure.