Solana has been the outperformer of Ethereum for most of 2025 so far, but recent developments suggest that Ethereum could be on the verge of a comeback. The DEX volume of Solana has dropped by 24% in the past week, leading to speculation about a potential shift in market sentiment.
Despite its strong performance overall, Solana’s momentum is facing a slowdown. Its price swings have become increasingly volatile, mirroring Ethereum’s fluctuations. Moreover, the number of days in which Solana outperformed Ethereum has plateaued, indicating that its relative strength may be fading.
The correlation between SOL and ETH price movements is also tightening, reducing Solana’s previous edge. With the decline in DEX volume, it raises questions about whether Solana’s dominance was a cyclical burst or if underlying fundamentals still justify its sustained market lead.
A recent downturn in Solana’s DEX volume has been attributed to several factors, including the rise of memecoins and broader market-wide downturns. The decline in user engagement and trading activity on Solana-based DEXs is also noteworthy.
On the other hand, Ethereum seems to be gaining momentum. Despite facing challenges such as network congestion and rising competition from Solana, Vitalik Buterin’s recent announcements focusing on Layer 2 scalability and interoperability may provide long-term strength for the ecosystem. Additionally, a recent injection of $120 million worth of Ether into DeFi protocols could keep the ecosystem at full strength.
However, Ethereum still needs to overcome its longstanding hurdles in order to rise above Solana and sustain its position. The question remains whether Ethereum is ready to overtake Solana and become the leading blockchain platform once again.
Source: https://ambcrypto.com/solana-vs-ethereum-as-sols-dex-volume-drops-24-is-it-eths-time-to-shine