The valuation spread between Ethereum and Solana doesn't add up. Whether you think ETH is overpriced or SOL is underpriced, there's no analytical framework—fundamentals, on-chain metrics, ecosystem metrics, you name it—that justifies SOL trading at 5x less than ETH. That gap is simply too wide. Market dynamics eventually force these disconnects to resolve. The question isn't whether the spread narrows; it's when.