Solana Sees 2.35M SOL Flow To Exchanges As MVRV Ratio Hits Lowest Level Since May 2022

Exchange balances for Solana (SOL) increased by 2.35 million SOL over the past 17 days, worth approximately $202 million at current prices.

The influx of tokens to trading platforms coincided with the network's Market Value to Realized Value ratio falling below 0.8, a threshold last reached in May 2022.

Glassnode data shows active deposit flows to exchanges spiked earlier this month before moderating.

Despite the slowdown in new deposits, exchange wallets continue holding elevated SOL balances following the multi-week accumulation.

MVRV Ratio and Historical Context

The MVRV Pricing Bands metric tracks Solana's market capitalization relative to its realized capitalization - the aggregate cost basis of all tokens based on their last on-chain movement.

Glassnode classifies readings below 0.8 as "Extreme Lows," a designation that historically occurs during roughly 5% of trading days.

SOL has remained beneath the 0.8 threshold for 26% of recent sessions, according to the data provider. The last comparable period occurred in May 2022, when Solana traded between $40 and $50 following broader cryptocurrency market declines.

Following that 2022 trough, Solana remained in a consolidation phase for 17 months before beginning a recovery in late 2023. The token eventually reached an all-time high of $294.16 in January 2025 before declining to current levels.