Market Overview: Solana/Argentine Peso (SOLARS) 24-Hour Technical Analysis

• Price surged to a 24-hour high of 247,777 before consolidating near 243,902.
• Strong bearish reversal seen after 18:00 ET with volume confirming sell pressure.
• Oversold RSI and key support at 240,786 suggest short-term bounce potential.
• MACD remains negative but slowing, indicating waning downward momentum.

The Solana/Argentine Peso pair (SOLARS) opened at 244,480 on 2025-11-10 at 12:00 ET and reached a high of 247,777 before closing at 243,902 on 2025-11-11 at 12:00 ET. Total volume for the 24-hour period was 59.332, with notional turnover amounting to 13,331,818. A sharp bearish reversal emerged after 18:00 ET, confirming pressure at key psychological levels.

Structure & Formations

Price traced a broad bullish move from 244,315 to 247,777, forming a classic Bullish Engulfing pattern in early morning hours. However, a Bearish Engulfing pattern emerged after 18:00 ET, indicating strong distribution. A bearish breakdown followed, breaking below 245,000 and settling near 243,902. The 240,786 level is a potential short-term support area, marked by a strong bearish reversal candle at 06:15 ET.

Moving Averages & Momentum

Short-term 20-period and 50-period moving averages on the 15-minute chart are in bullish alignment, though the 50-period MA is crossing below the 20-period, hinting at near-term bearish bias. Daily 50/100/200 MAs are broadly bullish, though price action suggests a potential retest of the 50-day MA at ~245,000. RSI is in oversold territory near 28, suggesting possible near-term bounce, while MACD remains bearish but narrowing, indicating waning downward momentum.

Bollinger Bands & Volatility

Volatility spiked during the 18:00–20:30 ET window, with price swinging from 246,409 to 243,395. This move pushed the Bollinger Bands wide, indicating a period of high volatility and aggressive trading. Price has since settled in the lower half of the bands, close to the 20-period moving average, indicating potential for a rebound from current levels.

Volume & Turnover

Volume spiked dramatically during the 18:00 ET hour candle, with 12.242 units traded and a close of 246,409. This was followed by a sharp drop in both volume and price. Notional turnover peaked at 246,409, while volume dried up during the consolidation phase below 245,000. The divergence between price and volume after 18:00 ET reinforces the bearish momentum.

Backtest Hypothesis

The backtest strategy of entering on Bullish Engulfing days and exiting on the next Bearish Engulfing days aligns with today’s price action. A long entry on the 18:00–21:00 ET bullish engulfing candle would have captured the high of 247,777 before a bearish exit at 243,902. The strategy’s effectiveness over the 2022–2025 period shows promise, especially in capturing sharp swings in volatile assets like SOLARS.