The cryptocurrency market is witnessing a notable shift in momentum, with Solana (SOL) demonstrating significant strength relative to Ethereum (ETH) across several critical on-chain and market metrics. This divergence is occurring against a backdrop of broader market volatility and substantial outflows from major assets.
Solana has recently surpassed Ethereum in perpetual futures trading volume, posting $12.1 billion compared to Ethereum's $9.6 billion—a roughly 26% lead. This higher volume suggests stronger trading activity and market interest in SOL. Furthermore, institutional sentiment appears more favorable toward Solana; data shows spot SOL ETFs experienced approximately $18 million in net outflows over three days, a stark contrast to the $180 million in outflows from Ethereum ETFs during the same period.
In the DeFi sector, the gap is widening. Solana's stablecoin market capitalization grew by 8.5% this week, largely fueled by $2.75 billion in USDC minted on its blockchain. In comparison, Ethereum's stablecoin market was nearly flat, growing only 0.2%.
This rotation of activity coincides with significant selling pressure on Ethereum. As flagged by on-chain analysts, Trend Research nearly liquidated its entire ETH position, withdrawing 792,532 ETH at an average price of $3,267 and later depositing 772,865 ETH back to Binance at $2,326, resulting in an estimated loss of $747 million.
The SOL/ETH price ratio is holding firm near a key support level of 0.04, which previously sparked a 35% rebound during the Q3 2025 rally. This technical setup, combined with Solana's fundamental outperformance, suggests the potential for further capital rotation into SOL.
Despite a shaky price and derivatives market for SOL itself—with the token trading around $87.17 in a compressed range and negative funding rates indicating bearish sentiment—spot SOL ETFs continue to see consistent inflows. Total net assets held by these ETFs have climbed to $674 million, indicating a segment of investors is accumulating exposure at current price levels, potentially viewing them as a consolidation phase for a longer-term play.
