Solana performed better than Ethereum in the third and fourth quarters but failed to reclaim $200

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Solana (SOL) has recently faced severe price trends, with its downward momentum slowing, but the altcoin is struggling to reclaim the $200 support level.

Despite Solana's demand exceeding that of Ethereum in recent months, this difficulty persists, highlighting the disconnect between interest and price action.

Solana outperformed Ethereum

Solana's demand has consistently exceeded that of Ethereum, which is evident from the popular realized market cap metric. According to a report from Glassnode, SOL's popular realized market cap reached $9.5 billion this week, more than double Ethereum's $4.1 billion. This indicates that investor interest remains strong, and activity within the Solana network continues to increase.

Solana's macro momentum presents a mixed outlook. SOL's realized market cap change grew by only 2.19%, significantly lower than Bitcoin's 10.87% and Ethereum's 5.43%. Compared to these two major cryptocurrencies, this disparity highlights the faster loss of momentum for Solana.

The slowdown in realized market cap growth suggests a bearish short-term outlook, indicating that Solana's network activity has failed to keep up with its growing demand. For SOL to regain stronger momentum, a recovery in realized market cap growth and broader market support will be necessary.

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