Solana rallies 20% against Ethereum, but is $300 SOL price within reach?

Solanas SOL has rallied more than 20% against Ether (ETH) over the last seven days, and a trader is eyeing a potential breakout to $300, which would mark new all-time highs.SOL/ETH ratio hits highest weekly closeThe SOL/ETH ratio, which reflects the value of Solana in Ether, rose to 0.080 on April 13, marking the highest weekly close ever, according to data fromCointelegraph Markets Proand Binance.The SOL/ETH trading pair has been forming higher highs on the daily chart since April 4, suggesting an uptrend is underway.SOL/ETH daily chart. Source: Cointelegraph/TradingViewThe SOL/ETH pair gains follow a bullish week for Solana, which has increased by 35% over the last seven days, against a 13% increase in ETH price over the same timeframe.The SOL/ETH chart has just flashed a sign of strength, said pseudonymous trader Bitcoinsensus in an April 14 post on X, adding:Solana has closed its highest weekly close against Ethereum in history, reflecting that we could see continued outperformance of the Solana Ecosystem.Previously, the SOL/ETH ratio reached as high as 0.093 in January during a rally in crypto prices fueled by US President Donald Trumps inauguration, which saw the price briefly notch a new all-time high of $295.Can Solana price reach $300 in April?Popular crypto trader BitBull shared a CME futures chart on X that suggests SOL price could break out toward the $300 mark next.The trader cited Ethers price consolidation around $2,000 on the CME chart before breaking out to all-time highs in 2021.SOL is now showing a similar structure on the CME futures chart as it trades with the $120 and $130 range, BitBull pointed out, adding that SOL could follow a similar breakout to all-time highs above $300.Just like Ethereum's run in 2021, Solana is setting up for a massive move in 2025.SOL CME Futures chart vs. ETH CME futures chart. Source: BitBullRelated: Fartcoin rallies 104% in a week Will Solana (SOL) price catch up?Chart technicals aside, several onchain metrics suggest that SOLs path to new all-time highs faces significant hurdles.For example, Solanas network fees dropped more than 97% to $898,235 million on April 14, compared to $35.5 million on Jan. 20.Solana network daily transaction fees, USD. Source: DefiLlamaThe decline in Solana fees aligns with reduced trading activity on Raydium, Pump.fun, and Orca. At the same time, fees have stayed unchanged since mid-February on other decentralized applications, such as Jito, Moonshot.money, Meteora and Photon.Similarly, the daily DEX volumes on Solana plummeted to $2.17 billion on April 14, 93% below its Jan. 20 peak of $35.9 billion.Solana weekly DEX volumes, USD. Source: DefiLlamaTherefore, SOLs journey toward new all-time highs will be a tough challenge unless there is a notable rise in network activity. SOLs price is up 3% during the past 24 hours to $133 and 54.5% below its Jan. 19 all-time record.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.