SOL is overtaking ETH in every metrics.
SOL DeFi is likely to surpass ETH in the near future in my opinion.
Memecoins ecosystem is just way greater than ETH.
How ETH going to solve this issue and maintain the king spot?
Almost every crypto coin that was born after Bitcoin, is technically superior that Bitcoin in many aspects. But no one was able to dethrone Bitcoin at all. Same goes for ETH.
There's a term in the business word called "First mover advantage". Bitcoin and ETH are enjoying that status and it is highly unlikely for any other coin to take them over.
The best part of ETH is that, it has an active Dev team. So I don't see them getting de-throned from the second spot anytime soon. The volume may be higher in other blockchains, but from the pricing point, ETH is likely to hold its position.