Following a remarkable recovery in Solana’s price from less than $10 in 2022 to almost $300 by 2025, it is being touted as a potential alternative to Ethereum, the second-largest cryptocurrency by market capitalization. This was further compounded by the fact that with the advent of SOL meme coin season, the majority of decentralized finance (DeFi) volume appears to have moved from Ethereum to Solana.
However, this reversal has not yet occurred, with the price of Solana once again falling below $100, and Ethereum retaining its position as the second-largest cryptocurrency. In this report, we examine how much Solana’s price would rise if it actually reached Ethereum’s all-time high market cap, taking into account the possibility of an upset.
Solana price for Atheneum’s ATH market cap of $583 billion
As of its all-time high in 2025, Ethereum’s all-time market cap is $581 billion, while Solana’s market cap is $160 billion. Considering this, SOL would need to reach a market cap of over $581 billion to completely flip Ethereum.
Using data from the MarketCapOf website, we show how high Solana’s price would have to reach Ethereum’s all-time high market cap. The price will be $1,022, an increase of 1,178% from the current price. This means that SOL is currently trading at less than 0.8x the ETH price.
However, Solana’s advantage over Ethereum extends outside of DeFi activities as well. When it comes to Real World Assets (RWA), SOL has quickly become a leading player and has recently managed to surpass Ethereum in the number of RWA users. The number of users exceeded 155,000, compared to 153,000 for ETH.
However, when it comes to RWA trading volume, ETH remains the dominant chain. According to RWA.xyz, there is over $15.5 billion in real-world assets on Ethereum, compared to $1.7 billion on the Solana blockchain.
To date, SOL still lags far behind ETH. Despite the market decline, ETH still maintains a massive market cap of $246 billion, compared to SOL’s $49 billion. ETH is the second largest cryptocurrency by market capitalization, while SOL is the seventh largest.
Featured image from Dall.E, chart from TradingView.com
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