Author: kkk
Original Title: From Leading to Trailing: Why SOL Struggles Against ETH's Offensive
On August 13, ETH strongly broke through $4,700, reaching a four-year high, while SOL during the same period seemed powerless, hovering around $200. In 2024, Pump.fun drove a MEME craze across the entire Solana chain, and Trump even launched $TRUMP at the beginning of the year, pushing SOL's price to around $300, sparking loud calls that "Solana will replace ETH".
However, the actual market trend provided a calm response. Although ETH and SOL are simultaneously advancing treasury strategies to accumulate "ammunition" for their ecosystems, their performances have clearly diverged - the SOL/ETH exchange rate has dropped from 0.09 at the beginning of the year to 0.042, with a weak pattern throughout the year. The reasons behind this might be more than just price fluctuations, but a comprehensive reflection of narrative heat, ecosystem structure, and differences in capital expectations.
[Rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English]Currently, although Solana still lags behind ETH in key indicators such as market heat and exchange rates, its underlying competitiveness and potential space have not been weakened. As an "American chain," it naturally has higher regulatory adaptability and capital recognition. At present, ETH first gains institutional favor through treasury strategies, ETF craze, RWA, and stablecoin application rates, but this also leaves room for SOL to "catch up" and switch narratives.
From a structural perspective, the expectation of spot ETF approval will open a new institutional funding channel for SOL. Once giants like VanEck and Grayscale's products are approved, market liquidity and trading depth may see a leap. The cross-border landing cases of RWA also prove that Solana's application capabilities on high-performance public chains are not limited to meme and Launchpad. There is still significant room for penetration in future DeFi, payment, and asset tokenization fields. The current pullback seems more like a buildup rather than a curtain call.
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