Key Notes
- DFDV made no new SOL purchases in November.
- The firm kept its 2.19 million SOL reserve unchanged.
- Altcoin Vector reports a full liquidity reset in Solana.
DeFi Development Corp (DFDV), the Nasdaq firm built to accumulate Solana (SOL), said in its November update that it made no new SOL purchases through the month. Its total SOL reserve held steady at 2,195,926, valued at about $293.2 million.
As per the announcement, the supply locked in its dfdvSOL product stood at 530,286.72. DFDV also said that Q3 unrealized gains surpassed $74 million with an 11.4% return from SOL operations.
DFDV SOL statistics | Source: DFDV
Senior executives Parker White and Dan Kang said that the company took advantage of the market pullback by buying DFDV shares from the open market.
Treasury Data Shows Strength
DFDV’s full recap placed focus on its latest SEC filing, revenue of $4.6 million, and on-chain yield generation supported by validator work and DeFi deployments.
The firm said its Solana per share ratio stood at 0.0700 at month‑end, with 31.39 million shares in circulation. It also noted that warrant trading under ticker DFDVW now gives holders optional upside exposure tied to future treasury growth.
DFDV signed a Letter of Intent with Loopscale to add stablecoin yield tactics beyond staking. The step aims to expand its capital‑efficiency model during a period when broader Solana liquidity sits near reset levels.
Liquidity Cycle Mirrors Past Bottom Phases
Altcoin Vector said that Solana is now under a full liquidity reset that resembles the base‑building phases of earlier cycles. Its liquidity index chart shows sharp resets followed by ignition periods that triggered multi‑week upward trends.
A key lesson in alt positioning: when liquidity ignites, the move is fast.$SOL is under a full liquidity reset, setting a new liquidity cycle, as in past bottoming phases.
Forced selling exhausts, the ecosystem cleans from the inside out, and SOL begins building the base for… pic.twitter.com/tiLw6gwhdb
— Altcoin Vector (@altcoinvector) December 5, 2025
The firm said that forced seller pressure appears near completion and that the ecosystem is cleaning out internal excess before a new cycle forms.
If the pattern mirrors the April setup, liquidity ignition may form within four weeks, placing early January as a possible turn point. However, the firm said a quicker shift remains possible.
Downside Liquidity Clusters Form Near $140
Analyst Ted Pillows said that most of the downside liquidity beneath SOL has been taken. His heatmap shows stacked liquidity around the $140 level, a zone he said is likely to be cleared next.
$SOL downside liquidity has been almost taken out.
Some liquidity clusters are now sitting around the $140 level, which will most likely be swept next. pic.twitter.com/n9JDpNxrT3
— Ted (@TedPillows) December 5, 2025
Such moves often accompany volatility spikes before trend direction becomes clear. The broader market backdrop has kept SOL under pressure, with the token trading near $132 at press time.
While prices have dropped more than 16% in the past month, analysts maintain that SOL remains one of the best crypto to buy in 2025.
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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.