Solana Sees 1% Price Increase Amid Ethereum Scam Concerns
Solana (SOL) has rebounded 1% to $187.43, following a TD Sequential buy signal triggered at $178. This indicator suggests potential trend reversals and has created bullish sentiment among traders as SOL consolidates above the $180 level.
Key observations include:
- Diminishing bearish momentum indicated by weaker candlestick strength
- A green arrow under the final bearish candle, reinforcing bullish expectations
- Forming higher lows, suggesting a possible breakout toward $188–$190
However, concerns over Ethereum-based scams exploiting Solana's infrastructure have emerged, with warnings from contributor Dean Little. Active addresses on Solana decreased by 16% in the past week, while total value locked (TVL) in DeFi dropped by 8%. Despite strong performance in July, signs of declining engagement follow SOL's price drop from a high of $206.
Technically, SOL is maintaining the 20-day EMA around $178, providing dynamic support. Increased retail long positioning and rising open interest indicate traders are preparing for movement. A sustained close above $190 could reactivate upward momentum, but ongoing security concerns may hinder progress.
