The SOL short-term top has already formed!

SOL has really shone this time, starting from a low of $8 and rising to over 30 times its value at the peak, and it has doubled in just over a month, showing extremely strong performance.

Moreover, it has been heavily influenced by MEME, with almost no significant pullbacks, making it look very hot.

However, recently it seems that the MEME in the SOL ecosystem is a bit weak, which is actually quite normal. After all, it has gone through a wave of great popularity, with projects like GOAT, LUCE, BAN, SLOP, PNUT, and ACT bringing more than tenfold wealth effects.

Now that the hype has passed, although Desci has emerged, it hasn't been as explosive as everyone expected, and the entire MEME market in the SOL ecosystem has entered a period of wealth vacuum.

Additionally, many projects have acquired a large amount of SOL, which is also a potential selling pressure.

From a technical perspective, SOL has now reached the peak area of the 2021 bull market, where the pressure is very high, making it not so easy to break through; many people might choose to take profits here.

Furthermore, the ETFs that everyone is looking forward to may not be able to push the price of SOL too high.

Wall Street still sees BTC as the most promising, and the capital inflow data for ETH is far behind BTC, let alone SOL. Additionally, in the future, coins like XRP, LINK, and AVAX are likely to have ETFs approved, so the positive expectations for ETFs are gradually decreasing.

If there is no particularly innovative MEME narrative or strong consensus emerging, I think it will be very difficult to see SOL break through its historical high and continue to rise at its current state.