Market Overview: Solana/Argentine Peso (SOLARS) – October 8, 2025

• Price dipped from 352,684 to 337,405 before retracing slightly to 340,820 in the 24-hour window.
• A bearish engulfing pattern emerged mid-day, signaling short-term bearish momentum.
• Volatility remained low with most candles consolidating near the lower Bollinger band.
• Volume was sparse, with the largest spikes occurring during early recovery attempts post-dip.
• RSI and MACD showed weakening momentum, suggesting oversold conditions but no strong reversal signs.

24-Hour Price and Volume Summary

Solana/Argentine Peso (SOLARS) opened at 352,684 on October 7, 2025, reached a high of 352,684, fell to a low of 337,405, and closed at 339,389 by October 8, 12:00 ET. Total volume across the 24-hour period was approximately 16.45, with a total notional turnover of around 5,400,000.

Structure and Formations

The price of SOLARS experienced a sharp bearish move from 352,684 to 337,405, followed by a modest rebound in the final hours of the 24-hour window. Notable bearish signals include a large bearish engulfing candle at 341,671 to 338,767, suggesting bearish conviction. A doji appeared at 339,588, indicating indecision after the initial drop, but it failed to spark a reversal. Key support levels are found near 337,405 and 338,020, while the immediate resistance is at 340,820.

Moving Averages and MACD/RSI

On the 15-minute chart, the price closed below the 20 and 50-period moving averages, reinforcing the bearish bias. MACD showed a bearish crossover and negative momentum, while the RSI approached oversold territory near 30 but failed to generate a bullish divergence. This suggests that while momentum is weak, a bounce from the 338,020 level remains a possibility.

Bollinger Bands and Fibonacci Retracements

Price action remained within a narrow range, with most candles clustering near the lower Bollinger band. The 337,405 low is aligned with the 61.8% Fibonacci retracement level from the 352,684 high and 341,671 low. This reinforces the likelihood of further consolidation or a short-term bounce near these levels.

Volume and Turnover Analysis

Volume remained subdued throughout the majority of the session, with significant increases observed during the 19:30–20:15 ET period as the pair dropped from 341,671 to 338,767. Despite this, the overall price movement was relatively muted, and no strong volume-price correlation was observed. Turnover aligned with the price decline, indicating bearish participation. However, the absence of strong volume on the rebound suggests limited bullish conviction.

Forward-Looking View and Risk

SOLARS appears to be in a short-term bearish phase with support levels at 337,405 and 338,020. A break below 337,405 could trigger further downside, while a rebound from 338,020 could test the 340,820 resistance. Investors should monitor volume for confirmation of any reversal attempt. Caution is advised, as volatility remains low and trend continuation is likely in the near term.

Backtest Hypothesis

A potential backtesting strategy could involve identifying bearish engulfing patterns in the 15-minute chart and using Fibonacci retracements to pinpoint key support levels. A short position could be initiated upon a close below the 61.8% level (337,405) with a stop-loss above the 339,389 close. Target levels could include the 338,020 and 337,405 levels. Given the low volatility and lack of strong volume confirmation, this strategy may perform best in a ranging or consolidating market. Further testing on historical price behavior is advised to refine entry and exit parameters.