Is Solana Going to Dethrone Ethereum?

Solana is catching attention in the crypto world with its strong performance against Bitcoin and record-breaking blockchain activity. The SOL/BTC ratio has broken out of a long consolidation phase, and on-chain metrics are hitting new highs.

Could this be Solana’s time to shine and challenge Ethereum? Let’s break it down.

SOL/BTC Ratio Breaks Out After 8 Months

After months of little movement, the SOL/BTC trading pair surged by over 1% last week, breaking out of its triangular consolidation pattern. This shift signals that the bulls may be taking control, which is a promising sign for traders.

The technical indicators back up this momentum. The MACD histogram recently flipped above zero, a classic signal of growing market strength. It’s as if the market is preparing for the next big move. The question now is whether Solana can keep up the momentum.

On-Chain Activity: Solana Sets New Records

Beyond the charts, Solana is showing impressive on-chain activity. In the week leading up to November 17, Solana’s decentralized exchanges (DEXs) saw $41.6 billion in trading volume. This is more than Ethereum, Base, and Binance Smart Chain combined—Ethereum only recorded $14.3 billion in that same period.

So, why the surge? Retail traders, especially those involved in memecoin trading, are flocking to Solana. This isn’t just hype; Solana’s blockchain is proving it can handle a huge volume of transactions, giving it an edge over other networks.

Another key indicator is DEX fees. Raydium, one of Solana’s leading DEXs, generated $72.83 million in fees last week, surpassing Ethereum’s $67 million. This highlights Solana’s growing appeal among traders and its ability to outpace Ethereum in efficiency and transaction costs.

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Solana vs. Ethereum: The Bigger Picture

Solana is clearly stepping up, but can it replace Ethereum? That’s a tough call. Ethereum has a massive lead in developer support and ecosystem size. But SOL is faster, cheaper, and now proving it can handle retail demand.

If Solana can continue to innovate and attract more users, it could apply increasing pressure on Ethereum, potentially surprising many.

Solana’s climb is far from over—what comes next could change the game for the entire industry