Market Overview for Solana/Yen (SOLJPY) – 24-Hour Summary 2025-09-05

• SOLJPY opened at ¥30344, surged to ¥30900, and closed at ¥29960, reflecting a volatile 24-hour session.
• Momentum accelerated midday before reversing sharply in the afternoon, with RSI signaling overbought conditions early.
• Bollinger Bands showed expansion during the midday rally and contraction in the final hours, suggesting a possible pause in directional movement.
• Volume spiked during the ¥30900 high and again at the closing ¥29960 low, indicating strong participation at both extremes.
• A bearish engulfing pattern formed at the session high, while a deep retracement into ¥29960 suggests short-term support is testing.

The 24-hour session for Solana/Yen (SOLJPY) saw the pair open at ¥30344 at 12:00 ET – 1 and close at ¥29960 at 12:00 ET on 2025-09-05. The high reached ¥30900, and the low was ¥29824. Total traded volume was 8,885.45 with a notional turnover of ¥262,937,947, indicating robust activity during the trading day.

Structure & Formations

The session was marked by a sharp bullish move toward ¥30900 followed by a deep bearish correction into ¥29824. Key support levels appear to be forming around ¥30000–¥29850, with the ¥30500–30700 range acting as a strong resistance zone. A bearish engulfing pattern at the session high and a long lower shadow near the close suggest strong downward pressure and potential exhaustion on the upside.

Candlestick Patterns

Multiple reversal signals were observed, including a bearish engulfing pattern at the ¥30900 high and a hanging man pattern during the afternoon pullback. A doji formed near ¥30650, indicating indecision, while a morning star pattern suggested a potential short-term bottom. These formations suggest a likely continuation of downward movement in the near term.

Moving Averages and Momentum Indicators

On the 15-minute chart, the 20-period and 50-period moving averages were trending upward during the morning rally but began to flatten in the afternoon as bearish pressure took over. On the daily chart, the 50-, 100-, and 200-period MAs suggest a bearish bias, with price currently below all major averages.

The MACD line crossed below the signal line in the late afternoon, confirming a shift in momentum toward the bearish side. RSI peaked at overbought levels during the ¥30900 high and fell sharply into neutral territory by session close, signaling the potential for a deeper correction.

Bollinger Bands and Volatility

Bollinger Bands widened significantly during the midday rally, reflecting increased volatility, before narrowing in the final hours of the session. This contraction may signal a period of consolidation or range-bound trading. Price remained below the lower band for most of the afternoon, a bearish sign for short-term traders.

Volume and Turnover Analysis

Volume surged during the ¥30900 high and again at the closing ¥29960 low, confirming strong conviction at both extremes. Notional turnover mirrored this pattern, indicating high liquidity and active participation. A divergence between price and volume in the late afternoon suggests bearish exhaustion, though confirmation of this signal would require a follow-through in the next session.

Fibonacci Retracements

Applying Fibonacci retracements to the ¥29824–30900 swing, the 38.2% level at ¥30542 and 61.8% at ¥30200 served as key psychological levels. Price briefly touched both before continuing lower, indicating bearish control of the session. On the daily chart, the 50% and 61.8% retracements align with ¥30000 and ¥29500, which may serve as watchpoints for the coming session.

Backtest Hypothesis

A potential backtesting strategy could involve a breakout system triggered by a close above the 20-period moving average on the 15-minute chart, with a stop-loss placed below the 61.8% Fibonacci level. This strategy would aim to capture bullish momentum during early volatility spikes while managing risk with defined support levels. Given the observed bearish engulfing pattern and late-day divergence, a bearish version of the strategy could also be tested, entering short upon a close below the 20-period MA, with stops above key resistance levels.