Solana cryptocurrency SOL has significantly outperformed Ethereum’s ETH in the past week, gaining over 20% in value relative to its rival.
Solana Outpaces Ethereum in Recent Market Surge
This surge follows a notable 30% increase in Solana’s US dollar value during the same period, prompting speculation about further price appreciation, with some traders suggesting a potential rise to $300, a price point that would represent a new all-time high for SOL.
SOL/ETH Trading Pair Achieves Record Weekly High
Data from Cointelegraph Markets Pro and Binance indicates that the SOL/ETH ratio, which measures Solana’s value in Ether terms, climbed to 0.080 on April 13.
This marks the highest weekly closing value ever recorded for this trading pair.
The daily chart for SOL/ETH has shown a pattern of increasing higher lows since April 4, indicating a clear upward trend in Solana’s relative strength against Ethereum.
This advancement in the SOL/ETH pair is consistent with Solana’s overall positive performance in the market.
Over the last week, Solana’s price has jumped by 35%, while Ethereum’s cost has increased by a more modest 13% during the same timeframe.
According to crypto trader Bitcoinsensus, a recent post on X highlighted the strength shown in the SOL/ETH chart.
Bitcoinsensus stated that Solana’s record weekly close against Ethereum suggests the Solana ecosystem may continue to outperform the Ethereum ecosystem.
Previously, the SOL/ETH ratio reached a peak of 0.093 in January during a broad cryptocurrency market rally linked to optimism surrounding the inauguration of US President Donald Trump.
During that period, Solana’s US dollar price briefly approached a new all-time high of $295.
Technical Analysis Suggests Potential for $300 SOL
Prominent crypto trader BitBull has pointed to a CME futures chart analysis on X indicating a possible breakout for SOL towards the $300 level.
BitBull drew a parallel to Ethereum’s price consolidation of around $2,000 on the CME chart before its significant surge to all-time highs in 2021.
According to BitBull, Solana is exhibiting a similar pattern on the CME futures chart as it trades in the $120 to $130 range.
This pattern suggests that SOL could potentially follow a similar trajectory, breaking out to new all-time highs exceeding $300.
BitBull further commented that mirroring Ethereum’s 2021 bull run, Solana appears to be positioning itself for substantial price movement in 2025.
On-Chain Data Presents Obstacles to Price Targets
Despite positive technical chart indicators, certain on-chain metrics indicate potential challenges for Solana to reach new all-time highs.
Notably, Solana’s network transaction fees have decreased significantly, dropping by over 97% to $898,235 on April 14, compared to $35.5 million on January 20.
This reduction in fees coincides with a decrease in trading activity on decentralized exchanges (DEXs) such as Raydium, Pump.fun, and Orca.
In contrast, transaction fees on other decentralized applications like Jito, Moonshot.money, Meteora, and Photon have remained relatively stable since mid-February.
Similarly, the daily trading volume on Solana-based DEXs has fallen sharply to $2.17 billion on April 14, representing a 93% decrease from its January 20 peak of $35.9 billion.
These on-chain metrics suggest that for Solana to achieve new all-time high prices, a significant increase in network activity is likely necessary.
Current Solana Price and Market Context
As of recent data, Solana’s price has increased by 3% in the last 24 hours, reaching $133.
It remains 54.5% below its all-time high recorded on January 19.
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