SUN vs. ETH: Solana’s winning streak depends on this crucial index

Major cryptocurrencies Solana (SOL) and Ethereum (ETH) stand out as two formidable contenders in the blockchain space, with each vying for dominance.

Recently, attention has been focused on the SOL/ETH ratio, indicating a potential trend favoring Solana. As this ratio continues to rise, it suggests that SOL price may maintain its outperformance than ETH.

According to the co-founder of Glassnode, who is called “negentropic” on X, the SOL/ETH ratio has skyrocketed as Solana has rallied strongly since late 2022.

A rising SOL/ETH ratio suggests that Solana’s value is increasing relative to Ethereum; Negentropic provides a graph demonstrating this trend. Furthermore, he predicts that the SOL/ETH pair could reach a high of 0.76, or even higher.

As the SOL/ETH ratio rises, Negentropic believes that Solana price could continue to outperform Ethereum.

Solana (SOL), the fifth-largest cryptocurrency by market capitalization, has risen in value in recent weeks, recovering along with the rest of the market and continuing the bullish trend that took its price above $120 in December before that momentum would slow for a few months.

Solana prices rose above $200 in the past week for the first time since December 2021. Solana hit a high of $210 on March 18, four days after Bitcoin hit an all-time high of $73,835 and Ethereum will exceed the price of $4,000.

Solana, like these major coins, fell after reaching its milestone, hitting a low of $162 on March 20. However, the price subsequently recovered, up 9% in the last 24 hours to $192 at the time of writing.

Solana’s value has grown alongside a rise in decentralized finance (DeFi) trading activity, as well as a rise in Solana-based meme coins capitalizing on the new wave of cryptocurrency mania.

Solscan reports that on March 24, 6,568 new tokens created using the SPL token standard appeared on Solana, while 1,777 new NFTs were created.