$202 Million Solana Outflows Trigger First Capitulation Signal Since 2022

Solana remains under sustained pressure as on-chain flows show roughly $202 million worth of SOL moved to exchanges since the start of the month. Exchange wallets have added about 2.35 million SOL, increasing sell-side liquidity after active deposits began declining following an earlier spike.

This surge in exchange-directed supply has intensified bearish momentum and revived a capitulation signal not seen since 2022. The token is trading below the Extreme Lows band on the MVRV Pricing Bands. For that classification the Market Value to Realized Value ratio must stay under 0.8 for roughly 5% of trading days; SOL has remained beneath that threshold for 26% of recent sessions, marking its deepest undervaluation since May 2022.

The only comparable event then led to a prolonged depressed period lasting 17 months before a recovery. Price action shows SOL at $86 at the time of writing, capped under the $90 resistance and above the $81 support zone. A decisive break below $81 could expose the next support near $67, extending the drawdown.

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