Will Ethereum or Solana be leading the crypto market in Q3 2025?

Volatility has returned and the market is actively testing the endurance of support zones on a broad scale. In high volatility environments like the current one, price structure becomes more important than ever. The reason is very simple: assets that hold important support levels will open up opportunities for reversal, while assets that lose support risk triggering a wave of massive sell-offs.

So, is the recent decline of Solana (SOL) signaling a structural change, paving the way for a deeper downturn?

Solana returns to the familiar "launch zone"

In the overview following the wave of FUD, SOL is the coin that has suffered the most — dropping nearly 15% from its peak over the month after failing to hold the $150 mark, falling out of the recent $180 price zone.

Meanwhile, Ethereum (ETH) has been heading in the right direction, successfully holding the support zone of $2,500 – this opens up the possibility of a short-term recovery.

This divergence is clearly reflected on the SOL/ETH chart, as the exchange rate between the two coins has dropped to its lowest level in 4 months this week, losing 5% and further consolidating ETH's relative outperformance.

However, the current setup does not completely lean towards one side.

SOL/ETH Price Chart | Source: TradingViewInterestingly, this support zone has previously triggered three strong recovery waves for SOL since September 2024. If the historical pattern continues to repeat, Solana may be approaching an important inflection point — a place likely to attract revolving capital flows and reverse market sentiment once again.

Do the core indicators of SOL support a reversal?

On the chart, the RSI indicator of Solana is currently deeply in the oversold zone. The modest increase of 1.9% over the day further reinforces the recovery hypothesis, suggesting a short-term rally. However, the on-chain metrics are also emitting some reversal signals.

The daily trading volume of Ethereum tokens has increased by 14.9%, reaching $11.7 billion, while Solana only recorded an increase of 9.1%, reaching $2.3 billion.

The gap is even clearer in the transaction fee index: Ethereum's weekly fees surged by 107.7%, while Solana only increased by 16.6%. This is a sign of stronger user activity and possibly a higher level of trust in Ethereum.

Source: Artemis Terminal## A bounce on the chart cannot change the fundamental factors.

Only two weeks left until the third quarter, the performance gap between the two blockchains is also widening. Ethereum is set to close the second quarter with an increase of nearly 40%, more than double the 17% increase of Solana.

It is not surprising that Ethereum continues to show strong confidence from investors, steadfastly holding the support zone of 2,500 dollars.

Meanwhile, although the technical indicators of Solana suggest a short-term recovery, the overall outlook still leans towards a bearish trend.

If the current trend continues, the recent dips of SOL may not be a buying opportunity, but rather a signal for a deeper decline as we enter the third quarter.

Minh Anh