Market Overview for Solana/Yen (SOLJPY) on 2025-12-21

Summary
• Price action declined from 19930 to 19778, forming bearish engulfing patterns and key resistance at 19930.
• RSI and MACD signaled bearish momentum with RSI below 30, suggesting oversold conditions.
• Volatility expanded on late-overnight selling with turnover peaking during the 19788 to 19593 drop.

Solana/Yen (SOLJPY) opened at 19893, reached a high of 19947, and closed at 19778 by 12:00 ET after hitting a low of 19461. The 24-hour volume totaled 1,994.59, with a notional turnover of approximately ¥39,792,903 (sum of volume × price).

Price formation showed a bearish trend, with a long bearish candle closing just below the 19800 level. A bearish engulfing pattern formed at the session high (19930–19922), while a doji at 19755 suggested indecision. A key support level appears at 19727–19752, which held during a sharp sell-off in the early hours of 12:00 ET.

Bollinger Bands expanded during the late-overnight and early morning sell-off, reflecting heightened volatility, with price briefly testing the lower band at 19461.

A 61.8% Fibonacci retracement of the 19893–19947 move sits at 19917, which may act as near-term resistance.

MACD remained negative throughout, with the histogram showing bearish momentum, while RSI dropped below 30 for much of the session, indicating oversold conditions that may attract short-covering or stabilizing buying.

Volume and turnover aligned with the bearish bias, surging during the 19788–19593 decline. No major divergences between price and turnover were observed, suggesting the move was broadly supported.

Market participants may watch for a test of the 19727 support level or a potential bounce toward 19830–19850. However, given the prolonged bearish momentum, further downside remains a risk if support levels break.