Solana Soars Past $180: Can SOL Eclipse Ethereum in 2025?

Solana's native token SOL just blasted through $180—marking another milestone in its relentless 2025 rally. The 'Ethereum killer' narrative is heating up again, but is this hype or a genuine changing of the guard?

Speed vs. legacy: Solana's 65k TPS dwarfs Ethereum's ~15-30 post-merge, but can raw throughput alone dethrone the DeFi king? Meanwhile, ETH maximalists yawn and check their staking yields.

The real test? Whether SOL can sustain this run when the next 'risk-off' wave hits crypto. After all, nothing brings blockchain tribalism into focus quite like a bear market.

Key Takeaways

Solana cleanly broke above $180, rallying 5% on the day and outshining Ethereum. With signs pointing to a fresh wave of capital rotation, is a run to $200 next?

A subtle but notable divergence is starting to form between Solana [SOL] and ethereum [ETH]. 

ETH has dominated the higher timeframes, posting nearly 2x gains on both weekly and monthly candles.

However, SOL just posted a sharp 5.25% daily move, breaking through the $185 supply wall and clearing its third key resistance this month. 

More interestingly, the SOL/ETH ratio, which had been in a two-week downtrend, dragging the RSI DEEP into oversold territory, finally snapped back with a 2.7% intra-day bounce.

Source: TradingView (SOL/ETH)

Historically, this level has acted as a solid bounce zone before. Back in the August-November 2024 cycle, a similar MOVE off this support saw SOL outperform ETH by 2.5x, ripping nearly 98% from its $129 base.

Now, with ETH approaching the $4k mark, signs of buyer fatigue are starting to surface. It’s not necessarily a breakdown setup, but a cooldown here could open the door for more rotation.

If that plays out, could solana be gearing up for a $200 breakout on the back of a relative strength reversal?

Greed takes hold as Solana reclaims key supply zone

Solana just cleared a major on-chain hurdle.  

The URPD shows a dense realized volume cluster between $165-$185. Notably, this zone has acted as resistance since mid-Q1, when SOL broke below it, trapping many holders underwater.

However, with price now reclaiming the range, most positions are back in profit. In a bull market, that kind of flip adds serious momentum to the breakout as greed starts to kick in.

Source: Glassnode

Add to that an overextended ETH/BTC ratio, growing signs of ETH overvaluation, a reversal in the SOL/ETH pair, and SOL breaking through multi-week resistance levels, and the setup favors relative outperformance.

If this rotation holds, we could be looking at the early stages of a trend reversal, with $200 for Solana starting to look more like a baseline than a stretch target.