Market Overview: Solana/Mexican Peso on 2025-12-24

Summary
• SOLMXN opened at 2217.0 and closed at 2188.0, declining after forming bearish engulfing and inside bars.
• Momentum weakened with RSI below 40 and MACD diverging from price.
• Volatility increased as price dropped from 2230.0 to 2175.0, with Bollinger Bands expanding.
• Volume surged during the drop but faded later, suggesting potential consolidation ahead.

24-Hour Price and Volume Summary

At 12:00 ET–1 on 2025-12-23, Solana/Mexican Peso (SOLMXN) opened at 2217.0, reached a high of 2231.0, and fell to a low of 2175.0 before closing at 2188.0 at 12:00 ET on 2025-12-24. Total 24-hour volume was 148.07 and notional turnover was estimated at 325,586.33 MXN (based on provided data).

Structure & Formations

The 5-minute chart shows a clear bearish bias, with multiple bearish engulfing patterns forming during the early part of the session, particularly from 02:00 to 05:00 ET. A key high at 2231.0 acted as initial resistance, followed by a breakdown to 2175.0. The price remained within a descending trend channel, indicating short-term bearish momentum. A large bearish candle at 02:00 ET–1 (2230.0 to 2207.0) was followed by a consolidation phase with several inside bars. The 2188.0 level appears to be a temporary floor.

Moving Averages

On the 5-minute chart, price broke below both the 20 and 50-period moving averages, suggesting short-term bearish momentum. The daily chart remains above its 50-period MA but is approaching the 100-period line. The 200-period MA is likely acting as a long-term support level near 2200.0.

Momentum Indicators

Relative Strength Index (RSI) fell below 40 in the latter half of the session, indicating oversold conditions. MACD showed a bearish crossover and has remained negative for much of the day, with a weak histogram. Momentum appears to be losing steam, and a potential rebound could be on the cards but requires strong volume confirmation to avoid a false bounce.

Volatility and Bollinger Bands

Bollinger Bands widened significantly during the price drop from 2230.0 to 2175.0, indicating increased volatility. Price closed near the lower band, reinforcing the bearish tone. A consolidation phase could follow, with a possible retest of the 2200.0–2217.0 zone as a potential turning point.

Volume and Turnover

Volume spiked during the critical price move from 2231.0 to 2175.0, with the largest single 5-minute candle (at 02:00 ET–1) showing 40.125 units traded. Turnover was concentrated in the first third of the session, with a noticeable drop in the last 12 hours. This divergence may suggest that short-term selling pressure is subsiding.

Fibonacci Retracements

Fibonacci levels from the recent high at 2231.0 and low at 2175.0 indicate key levels to watch. The 2188.0 close is near the 61.8% retracement level, which could act as a pivot for either a rebound or further decline. The 38.2% level at 2205.0 may also become relevant in the near term.

Outlook and Risk

With price consolidating near 2188.0, a retest of the 2200.0–2217.0 level could offer a potential entry point for shorts or buyers. However, a break below 2175.0 may trigger deeper bearish momentum. Investors should monitor volume for signs of renewed conviction.

Market conditions could shift rapidly if liquidity dries up or larger players initiate aggressive moves. Risk of a false bounce remains, especially with low volume in the last 12 hours.