Solana/Yen Market Overview for 24 Hours as of 2025-09-17

• SOLJPY opened at ¥34,576 and surged to a high of ¥35,292 before retreating to a low of ¥34,308, closing near ¥34,308 at 12:00 ET.
• Volatility expanded in the overnight session, with multiple sharp pullbacks and rebounds within ¥34,600–35,200 range.
• Volume spiked during the afternoon and evening, while turnover remained mixed, showing divergences in price and notional momentum.
• Key support appears to have formed near ¥34,300–34,500, while resistance remains in the ¥34,800–35,000 range.
• RSI shows signs of oversold conditions in the final hours, suggesting possible near-term buying interest.

Solana/Yen (SOLJPY) opened at ¥34,576 on 2025-09-16 at 12:00 ET and reached a high of ¥35,292 before retracing to a low of ¥34,308. As of 12:00 ET on 2025-09-17, the pair closed at ¥34,308. Total traded volume over the 24-hour period was 7,918.62, with a notional turnover of approximately ¥274.5 million. Price action showed significant volatility and multiple turning points.

Structure & Formations

The 24-hour chart for SOLJPY displayed a distinct bearish trend with a strong pullback from ¥35,292 to ¥34,308. Key support levels emerged near ¥34,500 and ¥34,300, both of which saw price bounce back multiple times. Notable candlestick formations included a bearish engulfing pattern during the morning hours and a morning doji around ¥34,500, suggesting indecision and potential consolidation. Resistance levels remain around ¥34,800 and ¥35,000, where price frequently failed to break above. These levels will likely be watched closely in the coming 24 hours.

Moving Averages and Momentum

On the 15-minute chart, the 20-period moving average showed price dipping below the 50-period line, indicating a bearish bias in the short term. The 50-period line acted as a dynamic resistance, with multiple bounces and failures. On the daily timeframe, the 50-period MA crossed above the 100-period line, indicating a potential shift in trend, but the current price remains below both. RSI showed bearish divergence in the late hours of the previous day but recently dipped into oversold territory (below 30), suggesting potential for a rebound. MACD showed a bearish crossover with the signal line in the early hours, but a recent flattening of the histogram points to weakening bearish momentum.

Bollinger Bands and Volatility

Volatility expanded significantly during the overnight session, with price breaking above and then retreating into the upper Bollinger Band. By the late morning, price settled into the lower band, indicating a bearish contraction. The narrowing of the bands in the early evening suggests a period of consolidation before a potential breakout or breakdown. The current price is near the lower band, suggesting oversold conditions and a potential mean reversion. Investors should watch for a retest of the ¥34,300–34,500 range.

Volume and Turnover Analysis

Volume spiked during the afternoon and evening hours, with the highest volume observed near ¥34,800 and ¥34,300. Notional turnover, however, was mixed, with periods of high volume not always matching high turnover. This divergence suggests possible accumulation or distribution activity at key levels. The most notable volume spike occurred as price broke below the ¥34,500 level, suggesting a strong bearish push. A confirmation of strength would require higher turnover at key support levels.

Fibonacci Retracements

Fibonacci levels applied to the recent swing high at ¥35,292 and low at ¥34,308 showed key retracement levels at ¥34,966 (38.2%) and ¥34,700 (61.8%). Price briefly tested the 38.2% level before retreating, but it remains to be seen if it will retest or break through the 61.8% level. Daily Fibonacci levels from a larger move suggest a potential target at ¥34,300 if the bearish trend continues. These levels could serve as dynamic pivot points for near-term price action.

Backtest Hypothesis

Applying a 15-minute time frame, a backtest strategy could be based on RSI divergence and Bollinger Band contractions. When RSI dips below 30 while price remains near the lower band and volume increases, a long setup could be triggered. Conversely, a bearish signal would be generated when RSI crosses above 70 with price near the upper band and divergence is observed. This strategy aligns with the recent price behavior and volatility patterns in SOLJPY. Historical data would need to confirm the viability of such a setup, but the recent action suggests it has potential.