Is Solana Going To Dethrone Ethereum?

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Solana is turning heads in the crypto world, especially after its strong performance against Bitcoin. The SOL/BTC ratio recently broke out of a long consolidation phase, signaling a potential shift in market sentiment. On top of that, Solana’s blockchain activity is smashing records. Could this be the start of something big for Solana? Let’s dive in.

SOL/BTC Ratio Breaks Out After 8 Months

The SOL/BTC trading pair has been stuck in a holding pattern for months. Last week, though, it climbed by over 1%, breaking out of its triangular consolidation. For traders, this is a big deal. It suggests that the bulls are stepping in and could push Solana higher.

The technicals support this narrative too. The MACD histogram recently flipped above zero, which is a classic sign of growing momentum. It’s like the market is saying, “We’re ready for a move.” The question now is whether SOL can keep the momentum going.

DEX Volumes Are Skyrocketing

Beyond just charts, SOL is making waves on-chain. In the week leading up to November 17, Solana’s decentralized exchanges (DEXs) saw $41.6 billion in trading volume. That’s more than Ethereum, Base, and Binance Smart Chain combined! For context, Ethereum only managed $14.3 billion during that time.

Why is this happening? Retail traders seem to be flocking to Solana, especially for memecoin trading. This surge isn’t just hype. It shows SOL is ready to handle huge traffic volumes, giving it an edge over rivals. Even its DEX fees tell a story. Raydium, one of Solana’s top DEXs, generated $72.83 million in fees last week—beating Ethereum’s $67 million.

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What’s Next for Solana?

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 it keeps up this pace, it’s going to keep pressuring Ethereum in ways that might surprise everyone.

Solana isn’t just riding a wave—it might be building a new one. Only time will tell if it’s enough to truly challenge the big players.