Here’s Where Solana Is Starting to Look Stronger Than Ethereum
The shows a large accumulation of Solana around the $190 level, which is about 8 million tokens held at that price zone.
This cluster marks a strong resistance level – if demand continues and SOL breaks through convincingly, the path could open for a bullish acceleration.
Solana has rallied nearly 15% in the last seven days, consolidating just below the $180-190 resistance. Analysts suggest that reclaiming $190 (and then the $200 range) would likely trigger a fresh bullish phase.
Also, SOL saw a spike in daily trading volume by almost 70%, reaching approximately $7.9 billion.
It seems that the rally in SOL is part of a wider altcoin upswing driven by Bitcoin approaching all-time highs, and notable legislative momentum around crypto (passing of ).
As such, Solana’s recent recovery (a month or so ago) from $130 lows, along with its ability to stand firm in this positive market, suggests that investors have renewed faith in it.
Additionally, open interest rose sharply as well (near $10.7 billion), signaling strong derivatives demand.
There’s an interesting dynamic between Solana and Ethereum, where the latter has also been experiencing strength with active on-chain developments, like whales buying CryptoPunks during ETH rallies.
The SOL/ETH ratio has rebounded, reversing a downtrend and possibly hinting that SOL may outperform ETH again, especially if Ethereum shows signs of slowing.
Moreover, Solana had a bigger boost in the last 24 hours, registering 5% compared to Ethereum’s 1%, which indicates that SOL could end up outperforming ETH soon. This is important for SOL because as ETH wavers near $4k and relative momentum shifts, capital may flow increasingly into SOL.
Intriguingly, Solana’s revenue from its core network activities soared to approximately $271 million in Q2, nearly three times that of Ethereum.
In the end, looking at Glassnode’s data, a classic cup‑and‑handle breakout setup is in play where a successful advancement above $190 greatly increases the chances of starting a strong new upward trend. On the other hand, a failed breakout could pull SOL back to key support between $170-180 or worse.