Market Overview for Solana/Yen (SOLJPY)

Summary
• Price surged from 19,775 to 20,072 on 24-hour 5-min chart, forming bullish engulfing and inside patterns.
• RSI reached overbought territory near 75, suggesting short-term consolidation could follow.
• Volatility expanded sharply with Bollinger Bands widening and volume spiking in late ET hours.
• Key support levels at 19,742–19,805 and resistance at 19,915–20,034 defined intraday range and breakouts.

Market Overview

At 12:00 ET−1, Solana/Yen (SOLJPY) opened at 19,775, reached a high of 20,114, and closed at 20,016 by 12:00 ET, with a low of 19,614. Total volume amounted to 14,829.29, and notional turnover hit 293.19 million Yen in the 24-hour window.

Structure & Formations

The price chart displayed strong bullish momentum from 00:15 ET, with a large bullish engulfing pattern forming above 20,000, followed by a series of inside bars indicating consolidation. A key bearish divergence appeared around 02:15 ET, but the price retested and held above the 19,805 level, reinforcing its importance as a support zone.

Moving Averages

On the 5-minute chart, the 20-period MA crossed above the 50-period MA, signaling a short-term bullish bias.

The daily chart showed the price above all three major MAs (50, 100, 200), suggesting continuation of the broader uptrend.

Momentum and Volatility

MACD remained positive with a narrowing histogram, hinting at potential momentum exhaustion. RSI climbed into overbought territory (75+) in the late ET hours, increasing the likelihood of a near-term pullback. Bollinger Bands expanded significantly during the surge, signaling heightened volatility.

Volume and Turnover

Turnover spiked above 12 million Yen between 00:15–00:30 ET, confirming the morning breakout. However, volume during the late ET consolidation period remained strong, indicating ongoing interest despite a lack of directional clarity.

Fibonacci Retracements

A 5-minute swing from 19,742 to 20,114 placed 61.8% at 20,013 and 38.2% at 19,892. The price closed just below the 61.8% level, suggesting a possible test of that area in the next 24 hours.

Given the overbought RSI and expanding Bollinger Bands, a short-term consolidation phase or pullback toward the 19,850–19,900 range appears likely. Investors should remain cautious of a potential reversal if key support levels near 19,805 are breached.