Market Overview: Solana/Argentine Peso (SOLARS) - 2025-10-24 12:00 ET

• SOLARS dropped 9.6% over 24 hours amid a consolidation pattern, with key resistance at 303,947 and support at 297,159.
• RSI near 30 suggests oversold conditions, but price remains in a bearish consolidation channel.
• Volume collapsed after 18:30 ET, with turnover flat across 13 hours.
• Bollinger Bands show low volatility, with price clustering near the 15-min SMA 20.
• Fibonacci retracement at 299,343 appears to be a critical psychological level for near-term support.

The 24-hour session for Solana/Argentine Peso (SOLARS) began at 303,473 at 12:00 ET−1 and closed at 298,534 by 12:00 ET today. The price reached an intraday high of 307,619 and a low of 292,752. Total volume across the 24-hour period was 50.834 units, with a notional turnover of approximately 14,929,646 ARS. The market remains in a tight consolidation phase after a sharp pullback beginning at 18:30 ET.

Structure & Formations

Price action over the last 24 hours shows a bearish consolidation pattern forming after a short-lived breakout attempt above 304,125. A bearish engulfing pattern formed at 06:45 ET, confirming the reversal from 304,125 to 301,001. A doji at 06:00 ET and another at 07:45 ET suggest indecision near 301,000. Resistance levels are clustered around 303,947 and 301,623, while support lies at 297,159 and 295,220. A breakdown below 295,220 could trigger a test of 292,752.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are aligned in a bearish crossover, with price currently below both. The 50-period MA sits at 302,800, acting as a short-term ceiling. Daily moving averages (50, 100, and 200) are not provided but would likely show a continuation of the long-term bear trend if consistent with the 15-min behavior. Price remains below the 20- and 50-period MAs, suggesting downward momentum is intact.

MACD & RSI

MACD on the 15-minute chart has been negative for the last 9 hours, with the histogram showing a slow decay in bearish momentum. RSI is currently near 30, indicating oversold conditions. However, this has not triggered a bounce, suggesting bearish exhaustion is still in play. A sustained move above 30,000 could see RSI rebound into neutral territory (30–50), but this depends on renewed buying interest.

Bollinger Bands

Volatility has contracted over the last 12 hours, with price clustering near the lower Bollinger Band. The 20-period Bollinger Band width has narrowed to 3,400, indicating a potential breakout. Price is currently at 298,534, which is approximately 15% below the upper band from earlier in the session. A break above 302,000 could see a widening of the bands and a resumption of short-term volatility.

Volume & Turnover

Volume spiked sharply at 12:45 ET, when price rose from 301,731 to 302,429. This was the largest volume event of the day, with 6.516 units traded. However, volume collapsed after 18:30 ET and remained below 0.5 units for most of the session. Notional turnover was flat, with only minor spikes during the 12:45–14:00 ET window. The low volume suggests traders are waiting for a clear direction before committing.

Fibonacci Retracements

Applying Fibonacci retracement to the recent swing from 292,752 to 307,619, the 38.2% level sits at 302,000 and the 61.8% at 298,500. Price has tested the 61.8% level and appears to be consolidating near it. A break below 298,500 could see a target of 295,220. The 61.8% level is also aligned with the 20-period MA, making it a critical area for near-term direction.

Backtest Hypothesis

Given the recent oversold RSI readings and the tight consolidation near key Fibonacci and moving average levels, a backtest using RSI-based entry rules could provide insight into potential market behavior. A typical approach would be to enter long when RSI drops below 30 and exits when it rises above 50, or vice versa for shorting. Using a 14-period RSI and a daily time frame could validate whether the market is likely to reverse or continue its downward trend. If we were to apply this strategy to a representative ticker or ETF with similar volatility, it would help assess the effectiveness of these signals in capturing potential rebounds or breakdowns.