September was brutal for most crypto tokens, with 65% of major blockchain coins losing value. But Solana completely ignored the trend and left Ethereum eating dust, posting a 4.06% gain while ETH dropped 5.68%. This marks the first time SOL has outperformed since April’s downturn.
What’s driving this shift is pretty clear when you look at where the money’s going. Solana’s digital asset treasuries exploded in September, with companies like Forward Industries adding $1.65 billion and Helius dropping $500 million. Treasury holdings jumped over 233% from 4.2 million SOL at the start of September, meaning institutions are accumulating SOL at roughly six times the rate they’re buying ETH.
Ethereum still has the edge in total treasury percentage at 3.56% versus Solana’s 2.5%, mostly because ETH has way tighter supply at 120.7 million compared to Solana’s 542 million. But that inflated supply hasn’t stopped SOL from dominating price action, which shows institutional flows and on-chain activity matter more than tokenomics right now.
The technical upgrades are also playing a huge role. Solana’s Alpenglow update passed with 98% approval and cut block finality from 12 seconds down to just 150 milliseconds. The upcoming Firedancer upgrade will remove compute limits per block entirely. Meanwhile, Solana’s real-world asset sector surged 40% in 30 days – that’s three times Ethereum’s growth rate.
The SOL/ETH ratio closed September at 10.6% after holding firm at 0.05 support with two higher lows forming. If it breaks above 0.055, we could see a run back to Q2 highs.
Conclusion
Solana gained 4.06% in September while Ethereum fell 5.68%, driven by 233% treasury growth surge and institutional flows rotating capital from ETH to SOL.
Also Read: Solana’s Forecast
