Solana Exchange Balances Surge Amid Falling MVRV Ratio

Solana's exchange balances have surged 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 Solana'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, but exchange wallets continue holding elevated SOL balances following the multi-week accumulation.