Key notes
- DFDV made no new purchases of SOL in November.
- The company kept its reserve of 2.19 million SOL unchanged.
- Altcoin Vector reports a complete liquidity reset in Solana.
DeFi Development Corp (DFDV), the Nasdaq company designed to accumulate Solana (SOL), said in its November update that it made no new purchases of SOL during the month. Its total SOL reserve remained stable at 2,195,926, valued at approximately $293.2 million.
As per the announcement, the locked supply in its dfdvSOL product stood at 530,286.72. DFDV also said unrealized gains in the third quarter exceeded $74 million with an 11.4% return from SOL operations.
SOL DFDV Statistics | Source: DFDV
Top executives Parker White and Dan Kang said the company took advantage of the market downturn by purchasing DFDV shares on the open market.
Treasury data shows strength
DFDV’s full recap focused on its latest SEC filing, revenue of $4.6 million, and on-chain yield generation supported by validation work and DeFi deployments.
The company said its Solana ratio per share stood at 0.0700 at month-end, with 31.39 million shares outstanding. He also noted that trading warrants under the symbol DFDVW now provides holders with optional upside exposure linked to future cash flow growth.
DFDV has signed a letter of intent with Loopscale to add stable yield tactics beyond staking. This step aims to extend its capital efficiency model to a period where Solana’s broader liquidity is near reset levels.
The liquidity cycle reflects past lower phases
Altcoin Vector said Solana is now undergoing a full liquidity reset that resembles the base building phases of previous cycles. Its Liquidity Index chart shows sharp resets followed by periods of ignition that triggered multi-week uptrends.
A key lesson from alternative positioning: when liquidity ignites, the movement is rapid.$ SOL is subject to a complete liquidity reset, establishing a new liquidity cycle, as in past trough phases.
Forced sale of exhaust gases, the ecosystem cleans from the inside out and SOL begins to build the foundation for… pic.twitter.com/tiLw6gwhdb
– Altcoin Vector (@altcoinvector) December 5, 2025
The company said the forced seller squeeze appears to be almost over and the ecosystem is cleaning up internal excesses before a new cycle forms.
If the trend mirrors April’s situation, a liquidity burn could form within four weeks, putting the start of January as a possible turning point. However, the company said faster change remains possible.
Downside Liquidity Clusters Form Near $140
Analyst Ted Pillows said most of the downside liquidity under SOL had been recovered. His heat map shows liquidity built up around the $140 level, an area he says will likely be wiped out next.
$ SOL the downward liquidity has almost disappeared.
Some liquidity clusters are now around the $140 level, which will most likely be swept away next. pic.twitter.com/n9JDpNxrT3
– Ted (@TedPillows) December 5, 2025
Such moves often accompany spikes in volatility before the direction of the trend becomes clear. The broader market backdrop has kept SOL under pressure, with the token trading near $132 at press time.
While prices have fallen more than 16% over the past month, analysts argue that SOL remains one of the best cryptocurrencies to buy in 2025.
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A crypto journalist with over 5 years of industry experience, Parth has worked with leading media outlets in the crypto and finance world, gaining experience and expertise in the field after surviving both bear and bull markets over the years. Parth is also the author of 4 self-published books.
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