Market Overview: Solana/Yen (SOLJPY) – October 23, 2025

• Solana/Yen traded lower at 28759.0 JPY, down from 27969.0 JPY, with significant consolidation and a bearish bias.
• Momentum slowed in the RSI, hinting at potential oversold territory, but volume divergence suggests caution.
• Key support at 27077.0 and resistance at 28132.0 marked clear turning points during the session.
• Volatility expanded during the final hours, with the Bollinger Band width indicating increased market uncertainty.
• A bullish breakout above 28800.0 could trigger a retest of the 29106.0 highs if confirmed with increasing volume.

Solana/Yen (SOLJPY) opened at 27969.0 JPY on October 22 at 12:00 ET and closed at 28759.0 JPY on October 23 at 12:00 ET. The pair reached a high of 29106.0 JPY and a low of 26941.0 JPY over the 24-hour period, recording a total traded volume of 8,879.724 and a notional turnover of approximately ¥237,503,518.90. The market showed a clear bearish-to-bullish transition in the latter half of the session, with price consolidating above key support levels.

Over the past 24 hours, SOLJPY displayed a complex price structure. Price tested and bounced from a critical support at 27077.0 JPY, then formed a bullish engulfing pattern at 27447.0–27497.0, signaling a short-term reversal. A doji candle appeared at 28790.0 JPY, indicating indecision at the peak of the session. Key resistances were noted at 28132.0 and 29106.0, both of which saw multiple retests and failed breakouts. The 20-period moving average on the 15-minute chart crossed above the 50-period moving average during the overnight session, signaling a potential short-term bullish crossover.

MACD indicators showed a narrowing histogram during the morning hours, followed by a bearish cross at 02:00 ET, which coincided with a sharp pullback to 27497.0 JPY. RSI hit oversold territory around 21:30 ET (at ~28) before bouncing back with volume confirmation. Bollinger Bands expanded in the last four hours of the session, indicating rising volatility and potential continuation or consolidation. The mid-200-period moving average (daily chart) remains below current price action, suggesting a long-term bearish bias may still be in place.

Fibonacci retracement levels revealed key psychological points during the session. A 61.8% retracement from the 26941.0–29106.0 swing was marked at 28530.0 JPY, which coincided with a temporary consolidation area. The 38.2% level at 28200.0 JPY acted as a minor resistance before the final rally. Volume surged in the 06:00–10:00 ET window, suggesting accumulation by institutional or algorithmic players. However, the price failed to confirm the breakout above 29106.0, indicating caution for near-term bullish bets.

The market appears to be in a transitional phase, with price hovering above critical support while testing resistance with mixed volume confirmation. A bullish breakout above 28800.0 JPY with increased volume could validate the short-term reversal. A retest of 28100.0 JPY may offer a more favorable entry. Traders should be cautious about the 27077.0 JPY level, as a breakdown below this could reignite bearish momentum. Volatility is expected to remain elevated, and traders should brace for either continuation or correction in the next 24 hours.

A backtesting hypothesis is emerging based on the observed patterns and technical indicators. A potential strategy involves entering long positions on a bullish crossover of the 20- and 50-period moving averages on the 15-minute chart, with a stop-loss placed below the most recent swing low (e.g., 28723.0). A take-profit target can be set at the 61.8% Fibonacci level (28530.0) or the previous daily high (29106.0), contingent on volume confirmation. This strategy would be most effective in a consolidating or trending environment, as seen in the latter half of the session. Given the divergence in RSI and the bearish MACD cross earlier in the day, incorporating a bearish short entry on RSI overbought readings (e.g., >70) could also be viable, particularly during high-volume pullbacks.