Ethereum, Solana, and Cardano: Are They the Core Drivers of the 2025 Altcoin Bull Run?

The 2025 altcoin bull run has positioned Ethereum, Solana, and Cardano as pivotal players, each leveraging distinct technical fundamentals and market momentum to capture investor attention. While Ethereum remains the dominant force in blockchain infrastructure, Solana’s scalability and Cardano’s long-term vision are reshaping the competitive landscape. This analysis examines their on-chain metrics, institutional adoption, and price trajectories to determine their roles in the current market cycle.

Ethereum: Institutional Adoption and Layer 2 Innovations
Ethereum’s dominance in 2025 is underpinned by robust institutional interest and critical upgrades. Whale accumulation has surged by 9.31%, signaling confidence in its long-term value [1]. BlackRock’s ETHA ETF now holds 1.7% of the total ETH supply, reflecting growing institutional adoption [1]. Meanwhile, Layer 2 upgrades like EIP-4844 and Pectra have enhanced scalability, reducing gas fees and improving throughput [1]. These developments position Ethereum as a foundational asset, with futures open interest exceeding $70 billion [1]. Analysts project Ethereum could reach $10,000 by year-end, driven by its role in stablecoin issuance and infrastructure [3].

Solana: High Throughput and Institutional Partnerships
Solana has solidified its position as a high-performance blockchain, processing 65,000 transactions per second and generating $271 million in network revenue [2]. Its price of $157.73 in July 2025 suggests a potential move toward $400–$1,000 by year-end, fueled by institutional partnerships and throughput advancements [2]. Despite consolidating after a peak in early 2025 [4], Solana’s market cap of $103.94 billion underscores its appeal as a blue-chip asset. The platform’s focus on real-time applications and cross-chain interoperability has attracted developers and enterprises, reinforcing its utility beyond speculative trading.

Cardano: Structural Challenges and Undervaluation
Cardano’s fundamentals show promise but face headwinds. DeFi TVL reached $349 million by Q3 2025, driven by platforms like Liqwid Finance [1], while on-chain metrics such as a 14-month high ETH-to-BTC ratio and a MVRV ratio of 2.08 suggest undervaluation [1]. The price has broken out of a descending channel, with analysts eyeing a $1.50 target [4]. However, structural challenges—including limited institutional inflows and competition from emerging Layer 2 solutions—hinder its momentum [5]. While bulls target $3 by late 2025 [1], Cardano’s ability to sustain growth depends on real-world adoption and network upgrades.

Market Momentum and Liquidity Shifts
The altcoin bull run has seen liquidity shift toward projects with clear utility, such as Layer Brett, a high-utility Layer 2 solution offering ultra-low fees and 3,000% APY staking rewards [4]. This trend highlights a broader preference for scalable, high-throughput networks over legacy projects. Ethereum and Solana’s robust trading volumes—$70 billion and $103.94 billion, respectively—contrast with Cardano’s declining volume, raising concerns about its ability to maintain bullish momentum [6].

Conclusion
Ethereum, Solana, and Cardano each play distinct roles in the 2025 bull run. Ethereum’s institutional adoption and Layer 2 upgrades make it a cornerstone of the market, while Solana’s scalability and partnerships position it as a top-tier asset. Cardano, though undervalued, faces structural hurdles that could limit its growth. Investors should monitor on-chain metrics and institutional activity to gauge their potential in the evolving crypto landscape.

Source:
[1] Crypto Market Positioning for September 2025 [https://www.ainvest.com/news/crypto-market-positioning-september-2025-ethereum-cardano-xrp-strategic-buys-altseason-ramps-2508/]
[2] Capturing the 2025 Bull Run: Why Cardano, Solana, and ... [https://www.ainvest.com/news/capturing-2025-bull-run-cardano-solana-magacoin-finance-strategic-presale-opportunities-2508/]
[3] Top 3 Altcoins Expected to Reach New ATHs in the 2025 ... [https://coincentral.com/top-3-altcoins-expected-to-reach-new-aths-in-the-2025-market-rally/]
[4] Cardano Price Prediction: ADA's Chart and On-Chain Data ... [https://bravenewcoin.com/insights/cardano-price-prediction-adas-chart-and-on-chain-data-align-for-potential-breakout]
[5] Cardano Monthly News: Why ADA Price Can't Reach $2 In ... [https://blockchainreporter.net/cardano-monthly-news-why-ada-price-cant-reach-2-in-2025/]
[6] Cardano News: Hoskinson Talks Network Future As Price ... [https://www.mitrade.com/insights/news/live-news/article-3-1076936-202508]