I think the panel voltage is the voltage of whatever it is connected to.
I have been going with the idea the MPPT controller sets a panel voltage; it is not "presented with" a voltage. It does not pass through battery voltage like a PWM controller does either, even when it is not in MPPT mode setting Vmp.
Vmp varies within a certain bandwidth, changing with the Tracking scan for that.
In Float mode PWM, it adjusts the panel voltage as required by the load. With less load, voltage goes higher than VMP down the IV curve towards Voc. With more load, voltage goes lower (back up the IV curve towards Vmp) However that voltage is really an average based on timing of on and off between Voc zero and ??? Vmp???