Solana has kicked off Q4 in a way that has put the spotlight back on the $SOL/$ETH ratio.
Technically speaking, $SOL/$ETH closed Q3 nearly 6% lower, showing that Ethereum significantly outperformed Solana in the last quarter. Whereas $SOL returned 60%, $ETH delivered 73% ROI, meaning that in FOMO fashion, Ethereum currently has the stronger setup heading into Q4.
But Solana’s latest on-chain activity suggests the gap might be beginning to close. According to Blockworks data, Solana has kicked off Q4 processing more spot DEX volume than Ethereum mainnet, all of Ethereum’s L2s and Hyperliquid combined. In figures, that means Solana processed over $1.6 billion in spot DEX volume, up more than 50% on Ethereum.
