Solana MVRV Ratio Hits Lowest Level Since May 2022 Amid Exchange Influx
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 the network's Market Value to Realized Value (MVRV) ratio falling below 0.8, a threshold last reached in May 2022.
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 data shows that active deposit flows to exchanges spiked earlier this month before moderating, but exchange wallets continue holding elevated SOL balances following the multi-week accumulation.
The MVRV ratio has remained beneath 0.8 for 26% of recent sessions, according to Glassnode data. This is a designation that historically occurs during roughly 5% of trading days. Solana's token price has oscillated between $81 support and $90 resistance over recent sessions, with a descending trendline connecting lower highs since early 2026.