The SOL/ETH trading pair has broken below a multi-month rising wedge pattern as of May 29, indicating a potential 40% decline. This bearish technical pattern suggests a drop equal to the maximum height of the wedge. Additionally, activity in Solana's Meme coin sector has decreased, with platforms like Pump.fun experiencing a significant drop in average daily revenue since April. Standard Chartered Bank has cautioned that Solana's reliance on Meme coins could hinder its performance amid growing competition from Ethereum Layer 2 solutions. Analyst Alex Clay also notes the strengthening position of Ethereum, further supporting the anticipated decline in SOL/ETH.