Solana MVRV Ratio Hits Extreme Low as 2.35M Tokens Flow to Exchanges
Solana's market activity has been closely watched as its MVRV ratio hit an extreme low, reaching levels not seen since May 2022. The ratio measures Solana's market capitalization against its realized value, and a reading below 0.8 is classified as 'Extreme Lows' by Glassnode.
In the past 17 days, exchange balances for Solana increased by 2.35 million SOL, worth approximately $202 million at current prices. This influx of tokens to trading platforms coincided with the network's MVRV ratio falling below 0.8.
The data from Glassnode shows that 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 multi-week accumulation.