This study aims to investigate the effects of the solar activity phases on the magnetospheric processes in relation to daily relativistic electron ($E>2$ MeV) dynamics at geosynchronous orbit (GEO) during Solar Cycles 23–24. GOES observations indicate that in the descending phase the electron fluxes are seasonally dependent with largest flux in equinoctial periods, relatively high, and 27-day recurrent, while in the maximum phases they are relatively low and nonrecurrent. The electron fluxes are relatively low and partially recurrent in the ascending phases. The cross correlation coefficients (c.c.s) of daily $K_{\textrm{p}}$–$V_{\textrm{sw}}$, $K_{\textrm{p}}$–$AE$, $K_{\textrm{p}}$–$AL$ evolve in the similar trend for both solar cycles: highest during the descending phases, lower in the ascending phases, and lowest in the maximum and minimum phases. The correlation of $K_{\textrm{p}}$–viscous term is strongest during descending phases and weakest around the maximum phases. The correlation of $K_{\textrm{p}}$–merging term slightly varies in a chaotic way from one solar phase to another, but drops to its lowest value in the solar minimum. The correlation analysis results signify the role of the solar activity in controlling the solar wind–magnetosphere couplings. Two case studies during maximum (2000) and descending (2017) phases indicate that the solar activity dependence of the magnetospheric processes and relativistic electrons is characterized by substorm activity and solar wind drivers. Most of the substorms induced by coronal mass ejections in the maximum phase exhibit strong but short and non-repetitive features that associate with low electron fluxes at GEO. In contrast, high intensity, prolonged, and repetitive substorm activities induced by high-speed solar winds are the main cause of the relativistic electron enhancements during the descending phases. The enhancements strongly depend on $V_{\textrm{sw}}$ and $\Sigma K_{\textrm{p}}$ in which only appropriate $V_{\textrm{sw}}$ and $\Sigma K_{\textrm{p}}$ are required. In the descending phase, the requirements for the flux enhancements to $\geq 10^{3}$ cm−2 sr−1 s−1 are the simultaneity of $V_{\textrm{sw}}>500$ km/s and the prolongation of $\Sigma K_{\textrm{p}}>220$ and to $\geq 10^{4}$ cm−2 sr−1 s−1 when $V_{\textrm{sw}}\geq 630$ km/s and $\Sigma K_{\textrm{p}}>227$. Furthermore, the correlations of $\Sigma K_{\textrm{p}}$ and log-electron fluxes are stronger in the descending/ascending phases than in the maximum phase, while the time lag between them is longer in the maximum phase. The remarkable correlations of $V_{\textrm{sw}}$–$K_{\textrm{p}}$ and in the descending phase indicate appropriate magnetospheric convection in association with the repetitive substorms that can effectively trigger the stochastic mechanisms of electron acceleration. The results are extensively discussed in the light of observations and current theories of radiation belt dynamics.
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