SOL outperforms ETH by nearly 135% since September

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People often compare the strength of SOL and ETH tokens in the Layer 1 (L1) space. They have performed extremely well over the past two months, with both ecosystems growing alongside the broader market as talk of an imminent bull run continues to develop.

SOL price outperforms ETH

SOL price is currently well ahead of ETH, up nearly 135% since September, while ETH’s price is up 23%, a 6x difference. With this move, SOL price at $41 is testing levels last seen in August 2022, while ETH is back to its July 23, 2023 high of $1,894.

Sol

SOL 1 daily chart, ETH 1 daily chart | Source: TradingView

Kaiko’s data highlights SOL’s outperformance, with prices up nearly 115% since mid-October. This indicates a strong recovery from FTX’s November 2022 lows in the $10 range. Research shows a significant increase in network activity, especially as liquidity token staking protocols such as Jito (the second liquidity staking protocol on Solana) draw attention. Jito has recorded funding of up to $12 million, with a total value locked (TVL) of approximately $224 million.

Sol

Source: DefiLlama

Research notes that the ratio between Solana and Ethereum has more than doubled since October 18, from 0.011 to nearly 0.025, thereby surpassing the ratio before the collapse of Sam Bankman-Fried’s (SBF) crypto empire.

Since the start of the bull market on October 18, the Coinbase exchange leads the U.S. market with net purchases of 2.2 million SOL tokens (worth approximately $88.57 million at current prices). Binance was the largest exchange by trading volume and until early November, it lagged behind U.S. Coinbase as broader buying pressure intensified.

SOL also topped the list of the most traded altcoins on U.S. exchanges in 2023, ahead of DOGE, LTC, MATIC, and XRP.

Sol

SOL trading volume compared to other altcoins on US exchanges | Source: Kaiko

Meanwhile, South Korea’s leading exchange Upbit has seen surprising growth considering the cryptocurrency industry is expanding outside the United States, with net sales of nearly 4 million SOL tokens in October.

However, it’s worth mentioning that Upbit is often a controversial platform due to Korean traders’ typical tendency to pump and dump price trading. Sometime in 2021, CryptoQuant CEO Ki Young Ju admit Korean traders are particularly fond of pumping and dumping altcoins. This habit is due to “very strict capital controls in the region, which prevent arbitrage opportunities between global exchanges.”

Overall, though, Kaiko’s research concludes that U.S. altcoins have had a rough year and have improved significantly throughout October, especially starting on the 18th.

You can check coin prices here.

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