Key Takeaways
Why has SOL outperformed ETH in late Q3?
Institutional flows, ramping DAT adoption, and Solana’s on-chain upgrades drove value motion, lifting SOL 4.06% versus ETH’s -5.68% in September.
What’s subsequent for the SOL/ETH ratio?
A breakout above 0.055 might retest Q2 highs, with SOL’s dominance and sector-leading flows protecting its This autumn outperformance story intact.
September marked a predominantly bearish month for the crypto market.
VanEck reported that out of the 35 main native blockchain tokens tracked, 23 skilled a decline in worth, representing a 65% share of tokens falling through the month. Nevertheless, Solana [SOL] bucked the development.
$2 billion in new stablecoins ($14.3 billion whole), 60% share in tokenized shares, and main upgrades like Alpenglow and Firedancer, fueled SOL’s energy versus Ethereum [ETH]. However can This autumn hold the momentum going?
Solana DATs closing the hole on Ethereum treasuries
September noticed digital asset treasuries (DATs) proceed their progress.
Whereas Bitmine Immersion (BNMR) nonetheless leads with $11 billion+ in ETH, Solana is slowly catching up. In September, Ahead Industries ($1.5 billion) and Helius ($500 million) went stay, pushing SOL demand.
In actual fact, Solana DATs at the moment are estimated to carry 2.5% of whole SOL provide, with extra rumored to be forming. Technically, that’s a 233%+ leap in SOL treasury holdings, up from 4.2 million initially of September.
Supply: Blockworks
Ethereum DATs, by comparability, grew simply 35% to 4.2 million.
Technically, Solana’s accumulation was roughly six occasions that of Ethereum. Nonetheless, ETH treasuries signify 3.56% of provide, which is 42% increased than SOL’s, because of ETH’s tighter 120.7 million provide vs. SOL’s 542 million.
This divergence issues. Tokenomics could also be muting SOL’s value punch for now, however below the hood, it’s giving ETH an actual run, with September clearly ramping this development and hinting at comparable outperformance in This autumn.
The race for on-chain dominance heats up
Each Solana and Ethereum are deep within the improve season.
Solana’s Alpenglow improve passed with 99% approval, chopping block finality from 12 seconds to 150 milliseconds, whereas the Firedancer upgrade will take away the utmost compute unit restrict per block.
It appears like institutional flows are already front-running the on-chain influence of those upgrades. Solana’s RWA sector is up 40% within the final 30 days, about 3x Ethereum’s progress, signaling rising aggressive stress.
Supply: RWAxyz
In the meantime, Ethereum’s scaling roadmap is getting into its subsequent part.
The deliberate Fusaka upgrade in December 2025 is designed to enhance Layer-2 blockchain scalability, reducing prices and supporting broader L2 adoption, which is a core a part of Ethereum’s ecosystem.
However will Solana’s 2026 Alpenglow improve throw a wrench within the works? Proper now, it’s trying seemingly, with SOL outperforming, RWA flows surging, and DAT adoption ramping, placing actual stress on ETH’s dominance.
SOL/ETH breakout set to outline This autumn management
Regardless of Solana’s inflated supply, it nonetheless outpaced Ethereum.
This reveals that institutional flows and on-chain dominance are instantly translating into value motion.
Backing this, SOL closed September up 4.06% vs. ETH’s -5.68% dip, marking its first outperformance for the reason that April FUD.
The outcome? SOL/ETH closed at 10.6%, signaling capital rotation from ETH into SOL as merchants chase alpha. The 0.05 assist held agency, with two increased lows forming, protecting the breakout construction intact.
Supply: TradingView (SOL/ETH)
Little question, a breakout above 0.055 might ship SOL/ETH again to Q2 highs.
Nevertheless, with institutional flows piling into Solana and its dominance outpacing Ethereum throughout key sectors, the setup appears sturdy, protecting SOL’s This autumn outperformance versus its greatest L1 rival very a lot in play.
