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

• SOLARS declined sharply, closing at 261,707 ARS, after hitting a high of 280,376 ARS.
• Volatility expanded, with a range of 33,639 ARS, but volume remained low at 106.63.
• Overbought RSI levels early in the session reversed, signaling potential bearish momentum.
• Bollinger Bands widened during the downward leg, confirming increased uncertainty.
• A bearish engulfing pattern emerged after a brief 15-minute rally near 280,313 ARS.

The Solana/Argentine Peso pair (SOLARS) opened at 274,222 ARS at 12:00 ET–1 and closed at 261,707 ARS by 12:00 ET, with a high of 280,376 ARS and low of 247,137 ARS during the period. The 24-hour notional volume was 106.63, while turnover amounted to approximately $29.0 million, based on exchange rates. Price action was dominated by a sharp sell-off that began around 23:30 ET and accelerated in the early morning hours, resulting in a bearish reversal from overbought levels.

Structure and candlestick formations suggest strong resistance around 280,000 ARS and key support at 260,000 ARS. A notable bearish engulfing pattern formed at 23:30 ET, where price opened at 280,313 ARS and closed at 278,429 ARS within a single 15-minute window. This pattern may signal a short-term top. A second bearish engulfing pattern occurred later at 04:45 ET, further reinforcing the downward bias. A doji formed at 06:45 ET near 262,648 ARS, suggesting temporary indecision in the market.

MACD showed a bearish crossover as the fast line dropped below the signal line, while RSI moved from overbought levels above 70 to oversold territory below 30, indicating a significant shift in momentum. Bollinger Bands expanded during the sharp decline, with price falling below the lower band for a brief period. This contraction may have signaled a potential continuation of the downward move.

Volume was sparse during the bullish phases but spiked during the sell-off, particularly in the 23:30–04:45 ET period. This confirms the bearish move and suggests strong selling pressure. Fibonacci retracement levels suggest 263,248 ARS as a potential bounce zone (38.2%), while 261,707 ARS (61.8%) may serve as a critical support. Over the next 24 hours, a retest of these levels could provide clarity on whether the downward move is complete or if further weakness is ahead.

The backtest hypothesis relies on technical patterns and momentum indicators to generate trade signals. A long position could be opened when RSI is oversold (<30) and a bearish engulfing pattern appears, with a close (sell) triggered when RSI turns overbought (>70). Alternatively, a short position may be opened under the same conditions, with a cover at overbought levels. Applying this strategy to the recent 15-minute chart, a short signal would have been generated around 04:45 ET (266,626 ARS to 266,551 ARS), aligning with RSI crossing below 30 and a bearish engulfing pattern. A close would occur when RSI rises above 70, which did not happen within the 24-hour period, suggesting the trade would remain open or result in a partial stop-loss. Confirmation of the ticker and time frame is necessary to proceed with a full backtest.