Market Overview for Solana/Mexican Peso (SOLMXN)

Summary
• Price formed a bullish engulfing pattern at 2331–2347, signaling short-term optimism.
• Volatility spiked with a 2348–2393 surge before consolidating near 2357.
• RSI reached overbought territory near 2393 but lacks follow-through.
• Volume was concentrated in early morning ET with late consolidation.
• Bollinger Bands showed moderate contraction as momentum waned after 05:00 ET.

Solana/Mexican Peso (SOLMXN) opened at 2347.0 on 2026-01-02 at 12:00 ET, reaching a high of 2393.0 before closing at 2357.0 as of 12:00 ET the following day. The pair traded between 2331.0 and 2393.0, with a total 24-hour volume of approximately 153.15 SOL and a notional turnover of 369,909.57 MXN.

Structure and Momentum

SOLMXN displayed a bullish reversal candlestick pattern in early hours, followed by a sharp but short-lived rally to 2393.0. The 5-minute RSI peaked near overbought levels but failed to maintain momentum, indicating potential exhaustion.

The 20-period and 50-period moving averages on the 5-minute chart remained in a bullish alignment during the rally, but price failed to close above key resistance near 2390.

Volatility and Volume Profile

Volatility showed a noticeable expansion during the 22:00–00:30 ET period, with the Bollinger Bands widening as the pair surged from 2354.0 to 2393.0. However, the following hours saw a rapid contraction as volume dried up and price drifted back to 2357.0. Volume was concentrated in the early and late sessions, with a notable absence of activity during midday.

Turnover and Divergence

Notional turnover mirrored the price action closely, with the largest trades occurring in the 22:45–00:15 ET window. There were no clear signs of price-volume divergence; the rally and consolidation were well-supported by corresponding turnover. The 2348.0–2393.0 move appears to have been driven by a single session of active buyers, with no confirmation from the following period.

Bullish and Bearish Levels

Key Fibonacci levels from the 2331.0–2393.0 swing point to potential support at 2359.0 (38.2%) and 2351.0 (61.8%), while resistance appears to be forming at 2372.0 and 2393.0. The 20-period and 50-period moving averages on the 5-minute chart currently sit slightly above 2357.0, suggesting a potential test of this level for support.

The market appears to be in a consolidation phase after the morning rally, with mixed signals from momentum and volume. While the bullish engulfing pattern and early volume suggest a potential for a test of 2393.0, the lack of follow-through suggests buyers may be cautious. Traders should monitor for a breakout above 2372.0 or a breakdown below 2351.0 for a clearer direction. As always, volatility could flare unexpectedly, so position sizing and stop-loss placement are key in the next 24 hours.