Market Overview for Solana/Argentine Peso (SOLARS)

• Price surged to an intraday high of 300,000 before retreating to 283,436, showing mixed momentum.
• Strong volume activity was noted around key resistance levels, suggesting accumulation.
• Volatility increased sharply during the 15:00–18:00 ET window, with a major pullback afterward.
• RSI signaled overbought conditions after the 300,000 level, followed by a quick reversal.
• Fibonacci retracements indicate key support at 282,960 and 278,656; watch for potential bounce or breakdown.

Daily Price Action and Momentum

Solana/Argentine Peso (SOLARS) opened at 288,517 on 2025-10-12 at 12:00 ET and climbed as high as 300,000 before closing at 283,436 on 2025-10-13 at the same time. The 24-hour period witnessed a high of 300,000 and a low of 278,656. Total volume amounted to 138.46 units, with notional turnover reaching 38,735,800. Price action appears to reflect heightened volatility and potential short-term profit-taking after an aggressive upmove toward 300,000.

Key Support and Resistance Levels

Key resistance levels are evident around 296,048 and 300,000, where volume spiked before a sharp reversal. A strong support level appears to form near 283,436 and 278,656, with the latter being the lowest point in the 24-hour window. A bullish engulfing pattern was observed between 15:00 and 18:00 ET as price surged above 295,000 before a rapid decline. A doji-like formation at 283,436 suggests indecision and possible consolidation. These levels may become key battlegrounds in the coming 24 hours.

Technical Indicators

The 15-minute RSI hit overbought territory around 80 as price approached 300,000, followed by a sharp decline, indicating a possible exhaustion of upward momentum. MACD showed a positive divergence early on, aligning with the rally, but turned negative during the pullback. Bollinger Bands expanded significantly during the intraday high, suggesting a period of increased volatility. The price closed near the lower Bollinger band, hinting at bearish pressure. These signals may suggest a potential short-term correction is in play.

Backtest Hypothesis

To meaningfully test the behavior of SOLARS around key resistance levels, a backtesting strategy could be defined using the daily Pivot Point (R1) as the resistance level. An event is triggered when the price closes above R1. Historical performance after such events could be evaluated using closing prices. Risk control could include a stop-loss at the nearest support (e.g., 278,656) and a holding period of 3 trading days. Given the observed reversal at 300,000 and strong volume at key levels, this event-based strategy may offer insights into whether breakouts are reliable in the near term.