Solana’s Hot Realized Cap Climbs as SOL/ETH Ratio Hits Yearly Lows

• The SOL/ETH ratio has declined from its April peak of 0.0868 to 0.0586, signaling underperformance of Solana relative to Ethereum.
• In the past 7 days, Solana attracted $8.3B in inflows, surpassing Ethereum’s $6.2B, pointing to increased investor interest.
• While the SOL/ETH ratio fell, Solana’s Hot Realized Cap rose in late June and July, suggesting growing short-term trading activity despite price weakness.

The SOL/ETH ratio has experienced a notable decline in recent months. After peaking at 0.0868 in April, the ratio has steadily dropped to 0.0586. This marks one of the lowest levels observed in 2025 and highlights a continued period of underperformance for Solana compared to Ethereum.

Market activity around Solana has not decreased in pace, even though the ratio is decreasing. The investors seem to be busy, and the statistics indicate that the ratio might not mark the real nature of what is actually going on in the market. Ethereum has also been on a smoother course at this time, which has also led to the split.

Realized Cap and Capital Inflows are a Sign of New Activity

According to recent statistics, Solana has registered an increased level of capital inflows more than Ethereum within the last seven days. $8.3 billion of Solana was brought in compared to $6.2 billion by Ethereum within the same duration. This implies increased interest among investors, especially in short-term movements.

The 7-day moving average of Hot Realized Cap also supports this trend. Hot Realized Cap of Solana has recorded a notable growth, particularly towards the later extent of June and July. This indicator measures the amount of assets transferred by short-term traders, which means the revival of the activity around speculations or the growth in the trading across the network.

The chart evidence indicates disjointed market indicators.

Three major indicators are presented in the chart of SOL/ETH: Hot Realized Cap (7D-MA), namely the SOL/ETH price ratio, the Hot Realized Cap of Solana, and the Hot Realized Cap of Ethereum. The black line indicates that the SOL/ETH ratio has kept dropping since April. But recently, Solana Hot Realized Cap, which is displayed in purple, has jumped.

Likewise, the Hot Realized Cap in Ethereum in blue has been stagnant or decreasing. This deviation implies that despite the fact that the SOL/ETH ratio is still declining, there is increased activity within the network of Solana. This trend can be an indication of increasing near-term confidence of investors. With Solana’s cap realized and an increased flow of capital, analysts will keep a watch on whether this pace will be turned into a future improvement of the SOL/ETH ratio.

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