Ethereum Falls Behind Solana In Major Metric, Is Altcoin Season At Risk?

Recent data has shown that Ethereum briefly fell behind Solana in a major metric. This has raised questions about what it could mean for the altcoin season, since ETH usually leads the way during that period.  

Ethereum Falls Behind Solana In Perp Volume

DeFiLlama data shows that Ethereum fell behind Solana in perp volume by chains on August 14. The former recorded a perp volume of $2.667 billion while the latter recorded a perp volume of $2.989 billion during this period. However, Ethereum has quickly reclaimed its position above Solana to rank second behind Hyperliquid over the last two days. 

Further data shows that Ethereum recorded $2.22 billion in perp volume on August 15, while Solana saw $1.635 billion in volume. Meanwhile, Ethereum hit $2.22 billion again in perp volume on August 16 while Solana’s volume stood at $1.635. Over the last 30 days, ETH is also well ahead of Solana, with the former recording a $61.067 billion volume while the latter hit $44.406 billion in perp volume. 

Furthermore, Ethereum ranks number one in terms of decentralized exchange (DEX) volume, above Solana. The former’s DEX volume in the last 24 hours stands at $4.817 billion, while the latter’s stands at $3.869 billion. Over the last 30 days, ETH has also recorded the most DEX volume, hitting $123.513 billion, while Solana hit $114.681 billion. 

Ethereum’s lead in these major metrics coincides with the resurgence of its native coin, ETH. The largest altcoin by market cap is up over 33% in the last 30 days and 78% in the last 90 days. Solana is up just 10% and 11% during these periods, respectively. This suggests that ETH is still likely to lead the altcoin season when it finally happens, with its dominance notably rising against Bitcoin’s. 

Altcoin Season Is Coming, And ETH Is Driving It

In an X post, Coinbase declared that the altcoin season is coming and suggested that Ethereum is the major catalyst behind the altcoin season. The exchange noted that as September approaches, the transition to a full-scale altcoin season is likely. They added that this positive outlook stems from macro trends such as potential Fed rate cuts and expected regulatory advancements. 

Regarding Ethereum’s role, Coinbase stated that institutional interest in ETH is driving the altcoin season at the moment. This interest is fueled by digital asset treasuries like BitMine and stablecoin narratives. The exchange added that the divergence in the altcoin season index and total altcoin market cap reflects rising institutional interest in ETH. 

At the time of writing, the Ethereum price is trading at around $4,400 while Solana is at $188, both down in the last 24 hours, according to data from CoinMarketCap.