Solana Needs 392% Gain to Surpass Ethereum Market Cap

Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, has expressed his belief that Solana (SOL) will surpass Ethereum (ETH) in terms of market capitalization. Speaking at the DigiAssets 2025 conference, Scaramucci stated, “I think SOL will turn ETH around.” He clarified that his preference for Solana is not a negative opinion on Ethereum but rather a better understanding of Solana's potential. Scaramucci revealed that SkyBridge Capital has allocated approximately 40% of its clients' digital assets into various cryptocurrencies, including Solana, Avalanche, Polkadot, and Bitcoin.

At the time of Scaramucci's statement, Ethereum had a market cap of $303.8 billion, while Solana was at $77.4 billion. For Solana to surpass Ethereum, it would need to increase its market cap by a factor of 3.92, reaching a price of $572.3 per token. Standard Chartered, a banking group, predicted that Solana could reach a price of $500 by 2029, while Ethereum is expected to trade at $7,500 during the same period.

The on-chain metrics of Solana and Ethereum provide further insight into their performance. Solana recorded 5,290,543 unique active addresses on June 18, with a peak of 10,308,559 on January 20. In contrast, Ethereum had 370,238 active addresses on June 18, peaking at 588,817 on January 25. Despite Solana's higher traffic, Ethereum continues to dominate the decentralized finance (DeFi) landscape, with 55.8% of the total value locked (TVL) in the crypto ecosystem, amounting to $62.54 billion.

The SOL/ETH ratio has been trading within a range since early 2025, with Solana underperforming Ethereum by 32% over the past two months. This underperformance suggests that Solana is approaching the range low, which could indicate a potential reversal. Traders may look for opportunities to trade Solana and Solana-based tokens once the SOL/ETH range low retest occurs. However, until then, Solana is expected to continue underperforming relative to Ethereum.