🚨 Solana vs. Ethereum – Divergence Widens 🚨

Solana’s on-chain health looks strong: 📈 TVL up 2.67% in 24h, stable user retention, and 500% MoM stablecoin growth. Structurally, the ecosystem is solid.

Yet… price tells a different story. $SOL is down ~10% this week, leading L1 losses. Meanwhile, $ETH is holding stronger despite a massive $10B open interest flush vs. Solana’s $4B.

Institutions are still buying SOL — DeFi Dev Corp boosted holdings +91% MoM to $204M — but ETH is stealing the spotlight with +48.7% monthly gains vs. SOL’s +11.5%. The SOL/ETH ratio plunged 25% last month, its worst since 2022.

💡 Big wallets (10k+ ETH) keep growing for Ethereum, while Solana’s cohort is shrinking. Without a clear risk-on catalyst, $SOL could struggle to reclaim the $200 mark, and the SOL/ETH ratio risks breaking key support.

👉 Short-term: ETH remains the institutional favorite.

👉 Long-term: Solana’s fundamentals still shine — but price momentum needs a trigger.