Solana is outpacing Ethereum across key metrics, signaling more than short-term momentum. Perpetuals trading volume recently reached $12.1 billion on Solana versus Ethereum’s $9.6 billion, about 26% higher. Higher perps volume suggests stronger trading activity and market interest. Solana’s institutional FUD is relatively lighter, with ETFs posting about $18 million in net outflows over the past three days, compared with Ethereum’s $180 million.
On the DeFi side, Solana’s stablecoin market is up 8.5% this week, while Ethereum’s is nearly flat at 0.2%, driven by around $2.75 billion in USDC minted on Solana over the same period. Together, these metrics may indicate growing activity rotating toward SOL. The rotation is not happenstance; it could signal something deeper.
The SOL/ETH ratio trading near 0.04 has historically corresponded to strong upside potential. If this trend persists, it could set the stage for another SOL rally.
For Ethereum, the past few days have been rough. As LookOnChain flagged, Trend Research has nearly sold all of its ETH. They withdrew 792,532 ETH at $3,267, and later deposited 772,865 ETH back to Binance at $2,326, resulting in a total loss of roughly $747 million.
In this context, the SOL/ETH ratio trading near support around 0.04 could imply similar upside potential for SOL. Final thoughts: Solana is outperforming Ethereum across key metrics, indicating growing capital rotation towards SOL.
Leave a Reply