Solana’s
The SOL/ETH ratio, which reflects the value of Solana in Ether, rose to 0.080 on April 13, marking the highest weekly close ever, according to data from
The SOL/ETH trading pair has been forming higher highs on the daily chart since April 4, suggesting an uptrend is underway.
SOL/ETH daily chart. Source: Cointelegraph/
The SOL/ETH pair gains follow a
“The SOL/ETH chart has just flashed a sign of strength,”
“Solana has closed its highest weekly close against Ethereum in history, reflecting that we could see continued outperformance of the Solana Ecosystem.”
Previously, the SOL/ETH ratio reached as high as 0.093 in January during a
Popular crypto trader BitBull
The trader cited Ether’s price consolidation around $2,000 on the CME chart before breaking out to all-time highs in 2021.
“SOL is now showing a similar structure on the CME futures chart” as it trades with the $120 and $130 range, BitBull pointed out, adding that SOL could follow a similar breakout to all-time highs above $300.
“Just like Ethereum's run in 2021, Solana is setting up for a massive move in 2025.”
SOL CME Futures chart vs. ETH CME futures chart. Source:
Related:
Chart technicals aside, several onchain metrics suggest that SOL’s path to new all-time highs faces significant hurdles.
For example, Solana’s network fees dropped more than 97% to $898,235 million on April 14, compared to $35.5 million on Jan. 20.
Solana network daily transaction fees, USD. Source: DefiLlama
The decline in Solana fees aligns with reduced trading activity on Raydium, Pump.fun, and Orca. At the same time, fees have stayed unchanged since mid-February on other decentralized applications, such as Jito, Moonshot.money, Meteora and Photon.
Similarly, the daily DEX volumes on Solana plummeted to $2.17 billion on April 14, 93% below its Jan. 20 peak of $35.9 billion.
Solana weekly DEX volumes, USD. Source: DefiLlama
Therefore, SOL’s journey toward new all-time highs will be a tough challenge unless there is a notable rise in network activity.
SOL’s price is up 3% during the past 24 hours to $133 and 54.5% below its Jan. 19 all-time record.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.