Market Overview for Solana/Yen (SOLJPY)

Summary
• Price action shows a bearish reversal after hitting a 24-hour high near 22,125.
• Volatility expanded mid-day, followed by a consolidation phase with fading momentum.
• Key support around 20,400–20,500 is showing early signs of resilience.
• RSI and MACD divergence suggests potential near-term pullback after recent overbought levels.
• Volume remains elevated during key breakouts, but has faded during retracement phases.

Market Overview

Solana/Yen (SOLJPY) opened at 21,350 on 2025-12-10 at 12:00 ET, surged to a high of 22,125, then closed at 20,460 at 12:00 ET on 2025-12-11. The 24-hour volume totaled 20,927.37 and turnover reached approximately ¥448.31 million.

Structure & Formations

The price formed a distinct bearish reversal pattern at the top of the 22,125–20,460 range, marked by a long upper shadow and a short lower wick. A potential bullish engulfing pattern is forming near 20,400–20,500, suggesting early support strength. A doji appears at 20,515, which may indicate a temporary pause in downward momentum.

Moving Averages

On the 5-minute chart, the 20- and 50-period moving averages are bearishly aligned, with the 20-line slightly above the 50-line in the afternoon.

On the daily chart, the 50-period line is approaching the 200-period line, suggesting a potential trend shift if the 200-line is tested again.

Momentum Indicators

The RSI dipped into oversold territory late in the session, hinting at possible exhaustion in the downward move. MACD bars are shrinking in the negative zone, indicating waning bearish momentum. A bullish crossover in the MACD line may trigger a short-term rebound if the 20,460 level holds.

Volatility and Bollinger Bands

Volatility expanded sharply during the early afternoon break from 22,000–22,125, with prices briefly touching the upper Bollinger Band. Since then, the price has collapsed into the lower band, with the band width narrowing slightly, suggesting a possible consolidation phase before the next directional move.

Volume and Turnover

The most significant price moves were accompanied by above-average volume, particularly in the 21,900–22,125 and 20,400–20,550 ranges. Turnover declined during the late evening and early morning, suggesting a lack of conviction in the lower range. No major divergence was observed between price and volume.

Fibonacci Retracements

The 61.8% Fibonacci level on the 22,125–20,460 swing sits at 20,724, which the price has yet to test. A bounce from the 38.2% level (~21,140) appears unlikely unless bullish volume confirms a reversal.

The price appears to be testing the key support cluster between 20,400 and 20,500, with a potential for a rebound if the 20,400 level holds. However, a break below this range could accelerate the move toward 20,200–20,100. Investors should remain cautious of the risk of further downside in the next 24 hours, especially if the RSI fails to hold above 30.