Fascinating to see Eth slowly collapse, with only the truest of believers remaining faithful, and the rest of those chasing the "next hot thing" moving from Eth to Sol / BTC.
The story of Solana is very hot and many people nearly lost all of their fund with Solana. It has an amazing come back while in history of cryptocurrency market, many top altcoins died or lost their positions with time and could not get high positions in this market back.
Cryptocurrency historical data snapshot.If you don't want to invest or store your wealth in Bitcoin, you can find the best altcoin, it's Ethereum. Solana is very risky choice in my opinion and if you get profit with Solana in this market cycle, in 2024 and 2025, I congratulate you but make sure you won't hold this altcoin in 2026 and 2027 when we will very possibly have other terrible bearish years.
I think you’re right it think Solana is devaluing ETH because of this trade off and I have even thought about it myself but I don’t think that ETH is over or done for by any means. It’s so engrained in so much and I just don’t see it ever being completely abandoned. SOL though is emerging and for now might be a good play in the short term but long term I think I am more set on ETH