According to CoinDesk: Solana (SOL) appears poised to outperform Bitcoin (BTC) as bullish technical patterns emerge, backed by record-breaking activity on Solana-based decentralized exchanges (DEXs). The SOL/BTC ratio has broken out of an eight-month triangular consolidation, signalling potential sustained upward momentum.
SOL/BTC Breakout Signals Bullish Momentum
The SOL/BTC ratio rose by over 1% last week, marking the end of a prolonged stalemate between bulls and bears. This breakout suggests that buyers are now leading price action, with the Moving Average Convergence/Divergence (MACD) histogram crossing above zero to confirm a bullish trend shift.
Record DEX Trading Volumes
Solana-based DEXs registered an unprecedented $41.6 billion in weekly trading volume, more than doubling the previous week’s activity and surpassing the combined $37.9 billion volume of Ethereum, Base, and Binance Smart Chain (BSC), according to Artemis data.
Ethereum: $14.3 billion
Base and BSC: Over $11 billion each
Solana’s robust activity underscores its rising appeal among retail investors, particularly for trading memecoins, further bolstering the bullish outlook for SOL.
Competitive Edge in Revenue
Solana continues to rival Ethereum in fee revenue, despite being known for its low-cost transactions. Solana-based DEX Raydium generated $72.83 million in fees over the past week—8% more than Ethereum’s $67 million. Bitcoin, by comparison, generated $15 million in fee revenue during the same period, highlighting Solana’s competitive advantage in transaction efficiency.
Outlook
With the SOL/BTC ratio’s breakout aligning with record DEX activity and strong fundamentals, Solana’s momentum appears to be building. As Solana establishes itself as a leader in decentralized trading and fee generation, its prospects for outperforming Bitcoin look increasingly promising.
