Traders Anticipate Ethereum’s Edge Over Solana

Cryptocurrency traders foresee a potential shift in the SOL/ETH pair, as a series of scandals surrounding meme coins tarnishes Solana’s reputation.

According to TradingView, after reaching a peak of over 0.08 ETH per 1 SOL in January, the rate has since declined to approximately 0.06.

Two things in the market that are very clear to me:

1. Solana’s narrative as the best retail onboarding chain has just flipped to being associated with scammy behavior and insider trading, this will take time to rectify.

2. The hate on Ethereum for UX, lack of interop, and…

— Andy (@ayyyeandy) February 18, 2025

“Solana’s narrative as the best retail onboarding chain has just flipped to being associated with scammy behavior and insider trading. This will take time to rectify,” said Andy, co-founder of Rollup Ventures.

In his view, user sentiment towards Ethereum is rapidly “progressing,” and the network is poised for mass adoption.

“The tides are changing. Watch SOL/ETH as a barometer,” the expert concluded.

According to TradingView, at the start of 2023, the pair’s ratio was slightly over 0.005, and since then, it has increased approximately tenfold.

Data from DeFi Llama indicates that the total value locked (TVL) on Solana surged from ~$1.4 billion to over $9 billion in 2024, largely driven by a meme coin boom.

On February 14, the coin LIBRA, promoted by Argentine President Javier Milei, lost over $4 billion in market capitalization within hours of its launch. Following this event, SOL’s price dropped by about 18% (CoinGecko).

The community has questioned the role of DEX Jupiter and Meteora on Solana in these events, with speculation that the network’s leadership was aware of the situation.

Influencer Beanie claimed that the Meteora team engaged in sniping their own tokens. The term refers to buying assets in the first seconds after launch to profit from subsequent price increases.

Craziest thing I’ve learned the past few days is that Meteora is sniping its own tokens. I haven’t posted this before. As it seems almost unbelievable. Cause the platform made > $300M the past month and $40M on the day of Libra launch alone off fees. But this is what’s happening.

— Beanie (@beaniemaxi) February 18, 2025

“This seems almost unbelievable. Because the platform made over $300 million in the past month and $40 million on the day of LIBRA’s launch alone from fees,” he noted.

However, according to Beanie, Meteora’s insider position in the token is at least $57 million.

Trader RunnerXBT advised caution when buying SOL during its dip.

be very careful buying $SOL dip

yes, its been one of top gainers/performers of this cycle, but the amount of shit thats coming up to the surface now is really badly damaging to SOL ecosystem

the response from Jupiter team is a massive joke but lets see if Meow can top it

— RunnerXBT.eth (@RunnerXBT) February 16, 2025

“Yes, it has been one of the top gainers/performers of this cycle, but the amount of dirt surfacing now is causing significant damage to the Solana ecosystem,” he emphasized.

The expert pointed out the unconvincing explanations from Jupiter, Meteora, and their founder known as meow.

Back in December, bullish signals for Ethereum were highlighted by CryptoQuant. Experts at IntoTheBlock also noted optimistic metrics for the cryptocurrency.

QCP Capital highlighted optimism in ETH options expiring after the planned April hard fork Pectra.