Solana Exchange Balances Surge as MVRV Ratio Hits Lowest Level Since May 2022

Solana's exchange balances have seen a significant increase of 2.35 million SOL over the past 17 days, worth approximately $202 million at current prices.

This 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 that active deposit flows to exchanges spiked earlier this month before moderating.

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.