Market Overview for Solana/Yen (SOLJPY)

• • SOLJPY opened at 35240.0 and surged to 35765.0 before closing at 35608.0, showing strong bullish momentum.
• • Key resistance appears near 35765.0 and support at 35201.0, with a potential for further consolidation.
• • High volatility was observed with a notable increase in volume and turnover during the afternoon.
• • RSI signaled overbought conditions, suggesting a potential pullback, while MACD showed positive divergence.
• • Bollinger Bands expanded during the rally, indicating heightened volatility and a breakout attempt.

The Solana/Yen (SOLJPY) pair opened at 35240.0 on 2025-09-19 at 12:00 ET and surged to a high of 35765.0 during the 24-hour period. The pair closed at 35608.0 on 2025-09-20 at 12:00 ET. Total volume across the 15-minute candles amounted to 3,068.93 units, with a notional turnover (volume × price) of approximately ¥107,761,959.00, reflecting increased participation and volatility.

Structure and formations on the 15-minute chart revealed a strong upward bias, particularly after 08:00 ET, where the price broke above the prior 24-hour high of 35400.0. A key resistance appears at 35765.0, the recent swing high, while 35201.0 and 35000.0 serve as strong support levels. A bullish engulfing pattern was visible around 05:30–06:00 ET, confirming a shift in momentum. Additionally, a doji near 35608.0 suggests potential indecision ahead.

The 20-period and 50-period moving averages on the 15-minute chart were both bullish, with the 20 MA (around 35400–35500) and 50 MA (around 35550–35600) closely aligned as the price surged. On the daily chart, the 50, 100, and 200-day MAs would likely show a similar bullish alignment if extended, reinforcing the short-to-medium-term strength in the pair. The price remains above all key moving averages, indicating continued bullish momentum.

MACD showed a positive crossover and remained in bullish territory for much of the session, with the histogram expanding during the afternoon push. RSI peaked above 70 during the late morning, signaling overbought conditions, while the indicator failed to form bearish divergence, suggesting a lack of immediate bearish pressure. Bollinger Bands expanded significantly during the rally, with the price reaching the upper band at 35765.0. This indicates a strong breakout attempt but may also suggest a retest or consolidation is due.

Volume spiked between 08:00–10:00 ET, with the largest single candle at 15:30 ET reaching 102.065 units. Turnover mirrored the volume profile, peaking at the same time, and remained elevated throughout the afternoon. There were no notable divergences between price and volume, supporting the idea that the rally was broad-based and not driven by abnormal retail activity. However, the last candle at 16:00 ET showed a small doji and lower volume, indicating caution ahead.

Fibonacci retracement levels from the key low at 35000.0 to the high at 35765.0 showed the current close at 35608.0 aligning closely with the 61.8% retracement level. On the 15-minute chart, the intraday swing from 35000.0 to 35765.0 placed the close near the 78.6% level, suggesting potential for a pullback to the 61.8% or 50% levels before resuming the uptrend. Traders should watch these levels for potential entries or stop-loss placements.

Backtest Hypothesis

Given the recent bullish pattern and strong momentum, a potential backtest strategy could be to enter long at the close of the 15-minute candle at 15:30 ET (35714.0) with a stop-loss placed just below the 35617.0 low from the next candle. A profit target could be placed at 35765.0, the recent swing high. The strategy relies on continuation of the upward trend and the strength of the 15-minute momentum indicators. Over the next 24 hours, traders should watch for a retest of 35608.0 and any bearish divergence in RSI or MACD that might signal a pause or reversal. Volatility remains high, and while the near-term outlook is positive, caution is advised as overbought levels may lead to a consolidation phase.