Analysis: The SOL/ETH trading pair fell below the multi-month rising wedge pattern, indicating a possible 40% decline.
2025-05-29 11:40:57
The market shows that as of May 29, the SOL/ETH trading pair has fallen below its rising wedge pattern that has lasted for several months, and this bearish structure usually indicates a sharp decline. From a technical perspective, a breakout of the rising wedge usually results in a decline equal to the maximum height of the pattern. In addition, the activity of Meme coins on the Solana chain has cooled significantly. For example, the average daily revenue of the Meme coin launch platform Pump.fun has fallen sharply since the beginning of April and is close to the annual low. Standard Chartered previously warned in the report that if Solana fails to expand the application ecosystem other than Meme coins, it may not perform well in the context of increased competition in Ethereum Layer 2, while analyst Alex Clay predicted that the so-called "strong period of Ethereum" has arrived, further supporting the decline expectation of SOL/ETH.
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