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

• Price surged above ¥34,600 but faced selling pressure, closing near ¥34,656.
• RSI suggested overbought levels in the afternoon, followed by a pullback.
• Bollinger Bands expanded during the day, indicating increased volatility.
• Volume spiked during the ¥34,700–34,800 range, confirming key breakout resistance.
• A bullish engulfing pattern formed around ¥34,550, signaling potential short-term buying.

Solana/Yen (SOLJPY) opened at ¥34,429 on 2025-09-15 at 12:00 ET, peaked at ¥34,955, and closed at ¥34,917 by 12:00 ET on 2025-09-16. The pair traded between ¥34,008 and ¥34,955, with total volume reaching 9,812.73 SOL and a notional turnover of ¥334,583,052.73 over 24 hours.

Structure & Formations

The 15-minute chart showed a bullish engulfing pattern at ¥34,550, followed by a sharp rally that tested ¥34,700–34,800, where key resistance clustered. A doji formed near ¥34,800–34,850, hinting at indecision after the initial breakout. The price later pulled back to ¥34,656, with ¥34,600–34,650 acting as a strong support area.

Key Resistance

- ¥34,700–34,800 (multiple candle close confirmations)
- ¥34,850–34,900 (initial rejection noted)

Key Support

- ¥34,600–34,650 (tested multiple times)
- ¥34,500–34,550 (bullish engulfing pattern area)

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart showed a positive crossover above ¥34,550, confirming the recent upward shift in sentiment. The daily chart’s 50 and 200-period MAs were converging at ¥34,350–34,400, with price now well above both.

MACD & RSI

The MACD showed a positive divergence, with the histogram expanding during the ¥34,700–34,800 rally. RSI peaked near 75 in the midday session, signaling overbought territory, and retreated to ~60 in the evening, suggesting exhaustion in the upward thrust.

Bollinger Bands

Bollinger Bands expanded significantly during the ¥34,700–34,800 push, indicating rising volatility. Price remained above the 20-period moving average for most of the session and spent a large portion of the day outside the upper band, especially in the late afternoon and early evening.

Volume & Turnover

Volume surged to a 24-hour high during the ¥34,700–34,800 rally, with a peak turnover of ¥34,800,000 in a single 15-minute window. Notional turnover confirmed the breakout, with no major divergences observed between price and volume.

Fibonacci Retracements

Fibonacci levels based on the ¥34,008 to ¥34,955 swing showed price correcting to the 61.8% level at ¥34,650–34,670 before stabilizing. This area coincided with a key support level and may serve as a pivot for further upside.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions when price closes above the 50-period EMA and the 15-minute RSI crosses above 50 from below, with a stop-loss placed below the nearest Fibonacci 61.8% retracement level. This setup was confirmed by the recent move above ¥34,550 and the bullish engulfing pattern.