Market Overview for Solana/Yen (SOLJPY) on 2025-11-08

Summary
• Solana/Yen posted a 24-hour high of ¥25,220 and closed at ¥24,493 after reaching ¥24,493 at 12:00 ET.
• Volatility spiked midday with a strong move up followed by a consolidation phase in the afternoon.
• Total volume was 21,663.1 SOL, with turnover of ¥546,624,000, indicating moderate activity for the pair.

Solana/Yen (SOLJPY) opened at ¥24,061 on 2025-11-07 at 12:00 ET and closed at ¥24,493 on 2025-11-08 at the same hour. The pair reached an intraday high of ¥25,220 and saw a low of ¥24,001. Over the 24-hour window, trading volume amounted to 21,663.1 SOL, and notional turnover totaled ¥546,624,000.

The 15-minute chart shows a strong bullish wave starting at 17:30 ET with a 20-period EMA (24,510) crossing above the 50-period EMA (24,390), suggesting a potential short-term reversal. Price extended to ¥25,220 before consolidating into a descending triangle formation. A bearish divergence emerged between price and RSI as volume waned in the final hours, hinting at a potential pullback.

Bollinger Bands showed significant expansion during the early uptrend, with price reaching the upper band before retracing toward the midline. The RSI closed near 50, indicating neutral momentum, while MACD remained in positive territory with a narrowing histogram. A key support level appears at ¥24,493 (4-hour low) and ¥24,292, with a 38.2% Fibonacci retracement at ¥24,630 potentially acting as a near-term ceiling.

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The volume profile reveals uneven distribution, with a sharp increase during the 17:30–19:00 ET period and a decline in the afternoon and overnight. This suggests strong buyer interest followed by a shift in sentiment toward caution. Notional turnover was concentrated in the ¥24,500–25,200 range, confirming the significance of the move but also indicating potential exhaustion as volume decreased after 20:00 ET.

A bearish candlestick pattern, the Hanging Man, appeared around ¥24,812 during the consolidation phase, signaling indecision among traders. Additionally, a series of Doji candles from ¥24,700 to ¥24,850 indicate a potential pause in the uptrend. Key Fibonacci levels at 61.8% (¥24,600) and 38.2% (¥24,850) may continue to act as dynamic support/resistance.

Backtest Hypothesis
The proposed strategy involves identifying Bullish Engulfing candlestick patterns on the 15-minute chart and holding for one trading day. However, the current dataset could not be processed due to an error with the “SOLJPY” ticker. This likely reflects a symbol format issue or unavailability on the used data source. To proceed with the backtest from 2022-01-01 to 2025-11-08, a standardized and available ticker is required—for example, “SOL/JPY” on BITFLYER or “SOL/USD” converted to JPY via USD/JPY rates on a platform like Binance or Coinbase. Once confirmed, the Bullish Engulfing signals will be extracted and tested for one-day-hold profitability.

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In the next 24 hours, Solana/Yen could consolidate near ¥24,493–24,630 or test the ¥24,292 level if downward momentum continues. A break above ¥24,630 could indicate renewed bullish intent, but bearish divergence and declining volume pose a cautionary note. Investors should monitor for a potential bearish reversal setup, particularly around ¥24,493, and be mindful of the risk of a retest lower.

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