The Solana network and the Ethereum network are definitely competitors. Until recently Ethereum was the blockchain providing most of DeFi and NFT services, but Solana has emerged with similar services.
Solana transactions are cheaper and faster and they also consume less energy. Ethereum offers a more mature ecosystem with plenty of dApps and many people able to service them. It also integrates better with other blockchains.
Solana's problems are that is has much less nodes that Ethereum so concerns of centralization arise. Its network has suffered outages, showing not as reliable as Ethereum. The main problems with Ethereum are its high cost per transaction and its issues with scalability, with difficulty competing with newer networks like Solana.
Just as Solana can mature and grow in number of dApps and people operating them, Ethereum can also work on making its transactions cheaper and more efficient. In the end, it will be a matter of seeing how things evolve.