Market Overview for Solana/Mexican Peso (SOLMXN) – November 1, 2025

• SOLMXN traded in a 24-hour range of $3,431–$3,515, closing lower at $3,443.
• Key resistance appears near $3,515, with immediate support forming at $3,474.
• Momentum remains weak, with RSI in neutral territory and no clear overbought/oversold signals.
• Volatility has decreased, with price consolidating within Bollinger Band midlines.
• Volume remains low, with most 15-min candles showing zero or minimal activity.

The Solana/Mexican Peso (SOLMXN) pair opened at $3,499.00 on October 31 at 12:00 ET, reaching a high of $3,515.00 and a low of $3,431.00 over the 24-hour period. It closed at $3,443.00 on November 1 at 12:00 ET. Total trading volume amounted to approximately 116.25 SOL, while notional turnover stood at around MXN 394,057. Price action remained range-bound, with minimal directional bias and low liquidity evident across most of the day.

Structure and formations over the past 24 hours suggest a bearish bias after a brief intraday rebound. A key resistance level appears to be forming around the $3,515.00 level, where price struggled to maintain gains for several hours. A notable bearish pattern emerged in the early hours of November 1, with a long bearish candle (645–630) reflecting a potential breakdown in sentiment. No significant bullish patterns were observed, and the overall structure indicates a potential pullback toward the 38.2% Fibonacci retracement level (~$3,465) could occur if short-term resistance fails.

Moving averages on the 15-minute chart show a bearish crossover, with the 20-period line dipping below the 50-period. On the daily chart, the 50-period line remains above the 100- and 200-period lines, suggesting a slightly positive medium-term trend. However, the near-term bearish crossover on the 15-minute chart indicates a possible continuation of downward pressure unless the price breaks above $3,515.00. Bollinger Bands show a tightening range, suggesting reduced volatility and a potential breakout or continuation in the near term.

MACD remains in negative territory, with the histogram shrinking slightly in the early morning hours, indicating waning bearish momentum. RSI is currently sitting at ~50, suggesting the market is in a neutral zone and lacks clear direction. No overbought or oversold conditions have formed, and divergences between price and RSI remain absent. Volatility remains low, with price action staying within the Bollinger Band midline and no significant expansion observed. The lack of volume across most 15-minute candles also suggests limited participation.

The Fibonacci retracement levels drawn from the most recent 15-minute swing (from $3,515.00 to $3,431.00) suggest that the 38.2% level (~$3,465.00) and the 61.8% level (~$3,488.00) could act as potential support areas. A break below $3,431.00 would signal further downside risk, while a retest of the $3,515.00 level may trigger short-covering or bearish continuation, depending on volume and order flow.

Backtest Hypothesis

Given the lack of readily available Bullish Engulfing pattern data for the SOLMXN pair, a backtest using this specific candlestick pattern is currently constrained. However, the observed bearish patterns and the weak momentum indicators suggest a potential short-term bearish bias that could be tested using a 3-day holding strategy. If we were able to identify confirmed Bullish Engulfing signals on historical data, a backtest could assess the effectiveness of holding the trade for three days, measuring success based on profitability and drawdown. Until pattern data is available, the market appears to favor a defensive, bearish outlook on the short-term horizon.