• The Solana to Ethereum ratio returned to its level prior to FTX’s collapse in 2022.
• Despite the sideways market movement, coin accumulation continued to thrive.

The Solana [SOL] to Ethereum [ETH] ratio has rallied steadily since September and has returned to its level prior to the collapse of crypto exchange FTX in November 2022, Kaiko Research found in a new report. 

This ratio is a measure of SOL’s performance against ETH. It is calculated by dividing the price of SOL by the price of ETH. 

A rising SOL/ETH ratio indicates that SOL is outperforming ETH, while a falling SOL/ETH ratio indicates that SOL is underperforming ETH.

According to the on-chain data provider:

“Since September, SOL has been the clear outperformer, with the ratio between the two jumping from 0.011 to nearly 0.025, breaking the ratio from just before FTX’s collapse.”

SOL and its tale of success

At press time, SOL traded at $41.47, according to data from CoinMarketCap. Since 1 September, the altcoin’s value has climbed by over 100%. At its press time price, the coin exchanged hands at a price level last recorded in August 2022.

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Author: Abiodun Oladokun

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