Solana Exchange Balances Surge as MVRV Ratio Hits Lowest Level Since May 2022
Solana's (SOL) exchange balances have seen an influx of SOL tokens over the past 17 days, amounting to a total of 2.35 million coins, worth approximately $202 million at current prices.
This increase in exchange holdings coincides with Solana's Market Value to Realized Value (MVRV) ratio dropping below 0.8, a level not seen since May 2022. According to Glassnode data, 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, which is the aggregate cost basis of all tokens based on their last on-chain movement. Readings below 0.8 are classified as 'Extreme Lows' by Glassnode, a designation that historically occurs during approximately 5% of trading days.