Company Overview - DeFi Development Corp (DFDV) reported no new purchases of Solana (SOL) in November, maintaining a total reserve of 2,195,926 SOL valued at approximately $293.2 million [1] - The company’s dfdvSOL product has a supply locked of 530,286.72 SOL, and Q3 unrealized gains exceeded $74 million, reflecting an 11.4% return from SOL operations [1] Financial Performance - DFDV's recent SEC filing highlighted a revenue of $4.6 million, with on-chain yield generation supported by validator work and DeFi deployments [3] - The Solana per share ratio was reported at 0.0700 at the end of the month, with 31.39 million shares in circulation [3] Strategic Initiatives - DFDV signed a Letter of Intent with Loopscale to implement stablecoin yield strategies beyond staking, aiming to enhance its capital-efficiency model amid a liquidity reset in the broader Solana market [4] Market Analysis - The liquidity cycle for Solana is undergoing a reset, resembling previous base-building phases, with indications that forced seller pressure is nearing completion [5] - Analysts suggest that liquidity ignition could occur within four weeks, potentially around early January, although a quicker shift is also possible [6] Price Dynamics - Analyst Ted Pillows noted that most downside liquidity beneath SOL has been absorbed, with significant liquidity clusters forming around the $140 level, which is expected to be cleared next [7] - Despite a price drop of over 16% in the past month, analysts still consider SOL one of the best cryptocurrencies to invest in for 2025 [8]