Solana is outperforming Ethereum across several core metrics such as perpetual volume , ETF Capital , and stablecoin growth, raising the possibility that money is shifting toward SOL rather than just short-term volatility.
Given the volatile nature of risky assets and the market having just witnessed a single-day surge/decline of over 10% on February 6th, investors tend to be data-driven. The consistent relative strength of SOL compared to ETH therefore deserves close monitoring.
- Solana leads Ethereum in perpetual volume, has less negative ETF Capital , and is a faster-rising stablecoin.
- The SOL/ ETH ratio is holding around 0.04, a support zone that has historically triggered strong rallies.
- If the signals persist, the "money flow pivot" scenario towards SOL could lay the groundwork for a new rally.
Solana surpasses Ethereum in trading activity and market interest.
Solana is experiencing higher trading activity than Ethereum on perpetuals, suggesting that speculative capital and trading demand are leaning towards SOL in the short term.
One key indicator is perpetual volume. Solana recorded $12.1 billion, higher than Ethereum's $9.6 billion, a difference of approximately 26%. In volatile environments, high Volume perps typically reflect two factors: more positions being opened/closed and greater trader attention.
It's important to note that high volume doesn't automatically mean sustained price increases, as it can also come with high leverage and the risk of liquidation wipeout. However, when compared to other indicators such as ETF Capital and stablecoin growth, perps data becomes part of a broader picture of the shift in activity toward the Solana system.
ETF Capital indicate that the level of FUD around Solana is less severe than around Ethereum.
During the same observation period, Solana related ETFs recorded significantly smaller net outflows compared to Ethereum, suggesting that psychological pressure and portfolio restructuring may be heavily skewed toward ETH .
According to data from the tracking site, Solana 's "institutional FUD " is XEM milder, with the ETF recording approximately $18 million in net outflows over 3 days, compared to Ethereum's $180 million over the same period. You can XEM the details on Solana 's ETF Capital tracking page .
Although ETFs don't reflect the entire spot and Derivative market, large net outflows can impact short-term expectations. When Capital pressure is concentrated on ETH, the market is often more sensitive to negative news, while SOL may be seen as a relatively more attractive "risk-reward" option in some pivot strategies.
Stablecoins on Solana are surging thanks to a new supply of USDC.
In the DeFi sector, the size of stablecoins on Solana increased significantly this week, outperforming Ethereum, and was driven by the amount of USDC Mint on the Solana network.
Data shows that the stablecoin market on Solana increased by 8.5% this week, while Ethereum remained almost flat at 0.2%. Reference:Solana stablecoin data table by chain .
A notable contributor was the $2.75 billion worth of USDC Mint on Solana during the same period, according to a post on the USDC Mint on Solana data source . The surge in stablecoins is often associated with "deployable" liquidation for trading, farming, or use as collateral in DeFi, thereby boosting on-chain activity.
The SOL/ ETH ratio holding near 0.04 reinforces the argument that money is shifting toward SOL.
The fact that SOL/ ETH is trading sideways near the 0.04 support zone, with SOL outperforming in terms of price and ETH under selling pressure from some large wallets, could be an early sign of Capital rotation.
On the Ethereum side, a notable development is that Trend Research has almost completely sold off ETH. According to a warning from LookOnChain , the company withdrew 792,532 ETH at $3,267, then deposited 772,865 ETH onto Binance at $2,326, resulting in a total loss of approximately $747 million.
In this context, the SOL/ ETH ratio remaining within a narrow range near support becomes "reasonable". At the time of discussion, the ratio was around 0.04, a level previously associated with a rebound of approximately 35% during the Q3/2025 rally. If this area continues to hold, the market can expect considerable upside potential for SOL compared to ETH, although still dependent on overall market volatility.
Furthermore, Solana is reportedly outperforming Ethereum on several key metrics , while ETH faces FUD as large wallets Dump/sell their holdings , creating a setup consistent with a money flow pivot scenario. If these conditions persist for several days, SOL could benefit from the money flow pivot, on-chain activity, and market sentiment.
Conclude
Current data suggests Solana has a relative advantage over Ethereum in Derivative (perpetuals), ETF Capital , and stablecoin/ DeFi momentum. Simultaneously, SOL/ ETH holding near 0.04 makes the "no coincidence" hypothesis worth considering: if support holds and on-chain activity remains strong, SOL could be the focus of a rally driven by rotational inflows.
Frequently Asked Questions
Why is it important that Solana 's perpetual volume is higher than Ethereum's?
Higher perpetual volume typically reflects greater interest and trading activity in the Derivative market. With Solana reaching $12.1 billion compared to Ethereum's $9.6 billion, this difference suggests SOL is attracting more traders in the short term.
What does the net outflow of ETF Capital say about SOL and ETH?
Net outflows from ETFs reflect selling pressure from investors through ETF products. Over three days, Solana saw outflows of approximately $18 million, while Ethereum experienced outflows of around $180 million, suggesting that selling pressure/pessimism surrounding ETH may be stronger during this period.
How does the growth of stablecoins on Solana relate to DeFi and the price of SOL?
A rising stablecoin typically translates to increased ecosystem liquidation , supporting trading and DeFi activity. Solana surged 8.5% this week, driven by a $2.75 billion USDC Mint , which could facilitate network usage and on-chain Capital flows.
What does the 0.04 mark on the SOL/ ETH ratio mean?
0.04 is described as a historical support zone for SOL/ ETH and was previously associated with a 35% rebound in Q3/2025. As the ratio holds around this level, investors can XEM it a watchable area to assess the likelihood of SOL remaining relatively strong against ETH.
