Market Overview: Solana/Yen (SOLJPY) – 24-Hour Summary

Summary
• Price surged above ¥19,600 before retracting to ¥19,500, forming a bearish reversal pattern.
• Volume spiked during the morning ET rally but faded amid a sharp pullback.
• RSI and MACD showed bullish momentum early, but momentum weakened in the afternoon.
• Bollinger Bands widened during the 12-hour peak, signaling elevated volatility.
• Turnover surged past ¥14.7M during the ¥20,000 attempt but diverged from price.

Price and Volume at a Glance

Solana/Yen (SOLJPY) opened at ¥19,348 at 12:00 ET–1, reached a high of ¥20,331, and closed at ¥19,578 as of 12:00 ET. The pair recorded a total volume of 7,391.76 SOL and a notional turnover of ¥147,510,140.05 during the 24-hour period.

Structure and Key Levels

Price tested ¥20,331 as a short-term high, which could act as a near-term resistance. A bearish engulfing pattern formed around ¥20,105–¥20,149, suggesting a potential reversal. The 61.8% Fibonacci retracement of the ¥19,348–¥20,331 move lands near ¥19,890, which may offer support in the near term.

Trend and Momentum

While the 20 and 50-period moving averages on the 5-minute chart remained in a bullish alignment during the morning push to ¥20,331, the 50-period line crossed below the 20-period line by 17:00 ET–1, signaling a potential bearish shift. The RSI peaked near overbought levels before diverging with price, confirming weakening momentum.

Volatility and Divergence

Bollinger Bands widened significantly during the ¥20,000–¥20,331 rally, indicating heightened volatility. However, the subsequent pullback into the lower band suggests a possible consolidation phase. Notably, volume and turnover diverged from price during the afternoon sell-off, pointing to potential short-term uncertainty.

Outlook and Risk

The pair appears to be in a consolidation phase after a sharp rally and correction. A break below ¥19,500 may trigger further testing of ¥19,300–¥19,348. Conversely, a sustained move back above ¥20,105 could reignite bullish momentum. Investors should closely monitor volume for signs of conviction.

The next 24 hours may see a test of key support and resistance levels amid mixed momentum signals. Risk of a short-term reversal remains elevated if price fails to reclaim ¥20,105.