The SOL/ETH trading pair has broken down from a rising wedge pattern that has continued for several months.
The pattern is generally interpreted as a sign of a sharp decline, and if the current decline continues, the outlook is that SOL/ETH could be pushed to around 0.038 ETH. This is the current level
In the short term, the 50-week exponential moving average (EMA) at 0.0628 ETH may act as a support. However, if this support level falls below 0.0628 ETH,
If it breaks down, the downside is likely to become more serious. Conversely, if a bounce occurs and the price recovers the lower trendline of the wedge or breaks through the upper trendline, the downside scenario may be nullified.
On-chain indicators are also showing bearish signals for Solana. A representative indicator is the fee revenue of Pump.fun, a meme coin launch platform.
The platform recorded high fee revenue from the end of 2024 to the first quarter of 2025 and served as a growth engine for the Solana ecosystem, but since April, daily revenue has been
In particular, during this period, individual investors flocked to the Solana network to issue and trade meme coins, but now speculative funds are withdrawing from the network.
The analysis is that the network's revenue structure is fluctuating due to the current situation.
Chartered said in a report on the 27th of last month that "if meme coin-centered transactions continue, Solana will likely lag behind Ethereum in the long term.
"However, Ethereum is building an ecosystem that can be applied to real-world applications based on deeper infrastructure, while ensuring fee competitiveness through Layer 2 (L2) expansion," he continued.
"The section where Ethereum surpasses Solana has already begun," added cryptocurrency chartist Alex Clay, who said, "The upward wedge pattern is already in motion."
The collapse of the turn may not be a short-term correction, but a signal of a medium- to long-term decline."
2025/05/30 15:06 KST
Copyright(C) BlockchainToday wowkorea.jp 117