Solana's price action has been relatively stagnant over the past few months, stuck within a specific range. Despite some short-term rallies, the altcoin's long-term downtrend remains intact.
The MVRV extreme deviation pricing bands provide insight into potential support and resistance levels for Solana. The lower band at $64 is currently serving as a floor for prices, while the -0.5σ level at $120 is acting as a ceiling.
Looking back to May 2022, when SOL prices fell below the -1.0σ level of the MVRV ratio, it marked a bear market extreme. This was followed by the FTX implosion, which drove prices even lower and led to a deeper price dive.