Exchange balances for Solana (SOL) increased 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 the network'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.
Despite the slowdown in new deposits, exchange wallets continue holding elevated SOL balances following the multi-week accumulation.
MVRV Ratio and Historical Context
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 classifies readings below 0.8 as "Extreme Lows," a designation that historically occurs during roughly 5% of trading days.
SOL has remained beneath the 0.8 threshold for 26% of recent sessions, according to the data provider. The last comparable period occurred in May 2022, when Solana traded between $40 and $50 following broader cryptocurrency market declines.
Following that 2022 trough, Solana remained in a consolidation phase for 17 months before beginning a recovery in late 2023. The token eventually reached an all-time high of $294.16 in January 2025 before declining to current levels.
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Current Price Levels
Solana traded at $86 as of February 17, down approximately 70% from its January 2025 peak.
The token has oscillated between $81 support and $90 resistance over recent sessions, with a descending trendline connecting lower highs since early 2026.
Exchange inflow data typically reflects selling pressure, as tokens moved to trading platforms are more readily available for liquidation. However, elevated exchange balances can also indicate improved liquidity for potential buyers during periods of price weakness.
SOL holds a market capitalization of approximately $48.5 billion, ranking seventh among cryptocurrencies by total value.
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