In my Substack Blog post published a week ago, last Wednesday, I stated that there were several technical factors, as the title suggested, that there was potential “Early Signs of a Crack in the Back of the Nasdaq 100 Index’s Rally”. My only concern at that time was that I was sticking my neck out with that warning, considering that over the remainer of the week there was a few potential news events that could invoke volatility in the rates market that would likely overflow into the equity markets. That proved to be a reasonable concern, and my technical thesis was promptly “Jackson Holed” last Friday and investors were caught “wrong sided” and equities, including the NDX Index rallied sharply. In doing so it retook the ground back above the broken Kijun Plot (green line) There was a measure follow through over the rest of the week until today. That five-day rally from a week ago last Wednesday’s low could not even begin to challenge the Lower Warning Line (red dashed line) of the longer-term Standard Pitchfork (red P1 through P3).

I drew a shorter-term Schiff Pitchfork (green P1 though P3) after last Friday’s rally that encompasses what I think is a distributive top. Note the continued Relative underperformance vs. the SPX in the lower panel. Below that, MACD only briefly stabilized but has turned lower again (note histogram in green) and remains below its signal line. I now mark first support at the Lower Parallel of the new Schiff Pitchfork and second remains at Cloud Support. Note that the Cloud is no longer mirroring the vector of the longer-term Standard Pitchfork. My technical thesis of that we are witnessing a distributive top will be negated with a rally that is able retake the ground above the Lower Parallel (red LWL) and the August 13^th price pivot at green P2

Chart is courtesy of Optuma

At the risk of being labeled the boy that cried wolf, there are early signs of a crack in the back of the NASDAQ 100 Index’s rally. These include a violation of the Lower Warning Line (dashed red line, LWL) of the Standard Pitchfork (red P1 through P3) after failing to hold the retaken ground above the Lower Parallel (sold red line). I know I’ve been beating a dead horse for weeks, but there continues to be a repeated non-confirmation of the higher price highs in the Momentum / Breadth Oscillator (dashed yellow lines). Not only does it reflect deterioration in upside momentum, but it also speaks to decaying breadth. There are early signs of a break of the trend in relative outperformance versus the SPX as witnessed by a drop below its longer-term moving average (blue line) for the first time in months (a drop of the shorter-term moving average, red line through the longer, would confirm the breakdown). There has been a sharp turn lower in the Stochastic Momentum Index (bottom panel) that at the very least suggests a potential deeper price retracement than we have seen in months. There is no question that I am sticking my neck out with this warning considering that over the next three days there could be news driven volatility in the rates market that will likely overflow into the equity markets. Key support is at the Kijun Plot (green line at 23,320) and second at Cloud support.

A prominent fraud prevention service says international crime groups are spreading malware designed to steal victims’ banking information.

The London-based Credit Industry Fraud Avoidance System (CIFAS) says it is witnessing a surge in Android malware attacks targeting banking apps.

CIFAS says that while the malware targets Android users, other mobile platforms are not immune to attacks, noting that the malicious software may have hit 200,000 victims in just six months.

“These malicious apps often look like legitimate tools – such as file managers, PDF readers, phone cleaners, or even browsers like Google Chrome. Once installed, they can appear harmless but later activate harmful features through hidden updates.

Key techniques criminals use include:

Overlaying fake login screens on top of real banking apps to steal login credentials.

Displaying deceptive ‘busy’ or ‘waiting’ screens to mask fraudulent activity.

Preventing users from exiting the app or restarting their device.

Requesting excessive permissions, especially ‘accessibility’ access.”

According to CIFAS, users should be on the lookout for signs that their phones are infected with malware, including prompts to reauthenticate during a banking session, “busy” messages from banking apps, unexpected notifications to update or install Google Chrome and prompts to grant unusual permissions, particularly accessibility access.

Says CIFAS CEO Mike Haley,

“The surge in Android malware is not just a tech issue – it’s a growing threat to consumers and to banking services we all rely on. Criminals are evolving their tactics faster than ever, using deception and stealth to bypass traditional security measures.

The best defence is awareness. If something feels off – an unexpected update, a strange app request – stop before you tap and always seek a second opinion. Education and vigilance are our frontline tools in the fight against fraud.”

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Solana collapsed decisively and lost a critical level of support following news that the US had launched an attack on Iran’s nuclear facility. Unexpected geopolitical developments have caused widespread panic across financial markets, with altcoins having the most intense hits. In particular, Solana has seen significant sales pressure, falling 20% ​​from around $185 since May and is currently trading nearly $148.

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This breakdown confirms investor concerns have weakened Sol’s upward trend. Top analyst Karl Runefeld noted that Solana completed the head and shoulder pattern. Prices are broken underneath the neckline of this pattern, confirming the possibility of a continuous decline in the short term.

In addition to the bearish outlook, Solana is unable to regain previous levels of support during short bounces. With negative momentum indicators and wider market sentiment rattles, the possibility of a quick recovery appears slimmer, provided the macro conditions are not stable.

Solana faces deeper corrections when the bearish pattern unfolds

Solana’s bullish momentum from late 2024 has been faded almost, replacing it with stagnation and sharp corrections as market conditions worsened. Currently trading at an all-time high of 50%, Sol continues to struggle under the weight of global macroeconomic uncertainty and growing geopolitical tensions. The US military strike against Iran’s nuclear facilities only added volatility, sending shockwaves through both traditional and crypto markets.

Solana was one of the most powerful performers of the previous cycle, but her price action has diminished decisively over the past few weeks. The Bulls are unable to maintain key support levels and their assets are below the short-term trend structure. According to Runefelt, Solana completed the head and shoulder pattern. This is a classic technical signal that often precedes long-term downtrends. The pattern’s neckline has been compromised, and the predicted bear target is currently standing at around $106.30. This is at a level that will not be seen after February.

The failure also reflects the broader weaknesses of the Altcoin market. Despite previous hopes for AltSeason, Capital supported Bitcoin and Stablecoins amid uncertainty, turning from risky assets. Solana is unable to regain its previous highs or establish a high low in the retreat market. The momentum indicator continues to flash red and unless the Bulls recover the ground immediately, Sol may face long-term integration or further losses.

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SOL Price Analysis: Below Major Support

Solana is under pressure as it falls below the critical 200-day simple moving average (SMA) of around $149.54, a level previously served as dynamic support. This breakdown shows the growth of bearish emotions as it confirms the loss of momentum after consolidation in weeks when price action falls below the $155-$160 resistance zone. So far, Sol is trading at around $135.99, nearly 3% in a day, exceeding 20% ​​from its May high.

The chart shows rejection near the 100-day SMA (green line), and sustained movement below both the 200-day and 50-day SMA (blue line) refers to the shift structure and leaps heavily towards the downside. Volume remains rising with the red candle, confirming that failure is supported by increased selling pressure rather than hypofluid movement.

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As the current trend continues, Solana was able to revisit the $120-125 range that served as strong support early in the first quarter of 2025. The broader context of macroeconomic volatility and geopolitical tensions, particularly Iran, has left investors uneasy beyond risky assets such as altcoins such as Solana. A daily closure of over $149 is required to neutralize the short-term bearish structure and change emotions. Until then, the risk of drawbacks is dominated.

Dall-E special images, TradingView chart

According to officials, the fraudsters operated call centers designed to appear as legitimate investment advisory services. The operation allegedly led to losses totaling nearly 734 million won ( $540,000 USD) from at least 48 victims between June 2023 and April 2025.

Posing as cryptocurrency investment professionals or team leaders from fake firms, the perpetrators persuaded individuals to register on counterfeit crypto exchanges. Victims were assured they would receive compensation for losses or could earn significant returns by purchasing tokens falsely claimed to be on the verge of listing.

Manipulated Accounts and Withheld Withdrawals

To build trust, scammers showed fake profits in the victims’ online accounts, manipulating dashboards to make it appear that cryptocurrency assets had been credited. These fabricated gains were used to push victims into making larger follow-up investments.

Authorities noted that once victims attempted to withdraw funds, their requests were either delayed indefinitely or outright ignored. In most cases, the fraudsters vanished with the funds.

Investigation Ongoing, More Crypto Scam Victims Expected

Of the 25 individuals arrested, 20 have been taken into custody while the rest face further legal action. Police have charged the suspects with crimes including organizing and operating a criminal group and violating the Telecommunications Financial Fraud Victim Refund Act.

Investigators believe there may be additional victims who have yet to come forward. The police are continuing their probe, including efforts to identify and apprehend higher-level operators involved in the scheme.

Authorities are urging the public to be vigilant about unsolicited investment advice and to verify the legitimacy of crypto platforms and advisors before engaging in any transactions.

In other news, all three South Korean presidential hopeful have voiced their support for Bitcoin ETF and institutional investment into crypto, marking a significant policy shift in South Korea.

The post 25 Arrested as South Korean Police Crack Down on Multiple Crypto Scam Rings appeared first on Cryptonews.