- SOL Price Near $175: Solana’s native token is trading around $175 as of early November 2025, with a market capitalization of roughly $100 billion, making it the 6th largest crypto [1]. Its 24-hour trading volume sits in the low single-digit billions [2].
- Recent Volatility: SOL recently pulled back below the key $180 level, dropping over 5% in 24 hours [3]. Analysts warn failure to hold ~$175 support could extend losses toward $160 [4], though current support around $174–$175 has held so far [5].
- Explosive Growth Since Launch: Despite short-term dips, Solana’s long-term trajectory is staggering – from a 2020 launch price of just a few cents to all-time highs near $293 (Jan 2025) [6]. Even at ~$175 today, SOL has delivered tens of thousands of percent in returns to early investors.
- Major News This Week: In just the past few days, Solana’s ecosystem saw multiple breakthroughs – a spot Solana ETF launched in Hong Kong [7], Uniswap added Solana support [8], and Solana’s founder unveiled a new DeFi platform [9]. Meanwhile, SOL’s price decline has markets eyeing macro factors and upcoming Fed moves.
- Wall Street & Institutional Adoption:Institutional money is pouring in.Solana-focused ETFs are rolling out (one launched on the NYSE, others pending SEC approval) [10] [11], Fidelity opened SOL trading to its clients [12], and even hedge fund giant Citadel invested in a Solana-centric firm [13]. Crypto VCs are backing Solana projects, like a $50M round led by a16z for a Solana staking startup [14].
- Expert Endorsements: Prominent analysts see Solana’s fundamentals “hard to ignore.” Crypto influencer Lark Davis argues Solana is outperforming Ethereum in speed and growth, calling it potentially undervalued relative to ETH [15]. Bitwise’s CIO compares Solana’s trajectory to Bitcoin’s early days, citing Solana’s booming stablecoin usage and asset tokenization as twin engines for long-term value [16] [17].
- Competition & Ecosystem: Solana is often dubbed an “Ethereum killer,” and while Ethereum’s market cap (~$470B) still dwarfs Solana’s [18] [19], Solana’s ultra-fast, low-fee network gives it an edge in certain use cases. It has surged to the #2 spot in DeFi TVL (over $11B locked) [20] and leads on some usage metrics, though rivals like Ethereum, Avalanche, Polygon, and newcomers like Sui continue to compete fiercely.
- Regulatory Outlook: Regulators are increasingly warming to Solana. Spot Solana ETFs are under review in the U.S., with analysts putting >95% approval odds this year [21], and a Solana staking ETF was already approved in mid-2025 [22]. Abroad, jurisdictions like Hong Kong and Canada have given the green light to Solana investment products [23] [24]. Solana hasn’t faced direct regulatory crackdowns, and its inclusion in Visa’s stablecoin settlement network signals growing acceptance in traditional finance [25] [26].
SOL Price Trends and Market Performance (Nov 2025)
After a tremendous rally earlier in 2025, Solana’s price is currently hovering around $175–$180 per token [27]. At this price, Solana’s market capitalization is in the ~$100 billion range [28], firmly cementing it as a top-tier cryptocurrency (6th largest by market cap as of this week). Trading volumes remain healthy; for example, recent daily volume has been on the order of $3–8 billion USD [29] [30], indicating significant liquidity and investor interest.
Recent Price Action: SOL’s price has seen notable volatility in late October and early November 2025. Just last week, Solana rallied above $200 amid optimism over impending ETF approvals and broader market strength [31]. However, a mid-week crypto market pullback – partly driven by profit-taking and macroeconomic jitters – saw Solana plunge below its $180 support level [32]. On November 3, SOL was down about 5% on the day [33], trading around the mid-$170s. Technical analysts noted that $175 (coinciding with a 0.5 Fibonacci retracement level) is a crucial support; a decisive break below could open a path toward the $160 zone [34] [35]. Indeed, at one point SOL dipped as low as ~$168 during intraday trading, reflecting increased bearish pressure before bouncing back above $170 [36] [37]. For now, bulls are attempting to defend the mid-$170s, but short-term momentum favors caution. Charts show no clear trend reversal yet, and analysts suggest SOL needs to reclaim the $195–$200 range to signal a renewed uptrend [38] [39].
Year-to-Date and All-Time High Context: Despite recent choppiness, Solana’s longer-term performance remains impressive. The token started the year significantly lower (Solana traded near ~$100 one year ago and was under $30 two years ago), so even at $175 it has delivered strong YTD gains and astonishing multi-year returns. Since launching in 2020, Solana has been one of crypto’s biggest success stories, rising from mere pennies to triple-digit prices [40]. It hit a record high around $293 on January 19, 2025 [41], during a broad crypto rally. Even though SOL currently sits about 40% below that peak, it’s still up dramatically from its early days – a trajectory that represents tens of thousands of percent in ROI for early backers. (For example, Solana’s initial seed sale price was just $0.04 in 2018; at $216 this would have been a 5,400× return [42], and the gains at $175 are still extraordinary.)
Market Cap and Ranking: With a ~$100B market cap, Solana commands roughly 4-5% of the total crypto market and is the second-largest smart contract platform after Ethereum [43] [44]. It has edged out older players like Cardano and Avalanche in size [45] [46], reflecting how quickly the market has come to value Solana’s fast-growing ecosystem. This valuation also means Solana is now comparable to large-cap companies; at $100B+, it’s roughly on par with the market cap of corporate giants or the GDP of a small country – a remarkable feat for a project barely five years old.
In summary, Solana’s price in late 2025 tells a story of both rapid growth and recent consolidation. The token’s “meteor 🚀 rise” earlier in the year has given way to a healthy correction and range-bound trade in the $170s. Traders are watching whether current support levels hold and if upcoming catalysts (like ETF decisions or tech upgrades) will ignite the next leg up. Meanwhile, long-term holders point to Solana’s strong fundamentals and past resilience through downturns as reasons for confidence even amid short-term volatility.
Major News & Developments (Early November 2025)
Solana’s ecosystem has been buzzing with significant news in recent days. From new financial products coming to market, to technology upgrades, to high-profile partnerships, the past week alone has brought multiple notable developments for Solana:
- ETF Launches and Approvals: Perhaps the biggest headline is that the world’s first spot Solana ETF launched in Hong Kong on October 16, 2025 [47]. Created by asset manager ChinaAMC, this fund allows Asian investors to get direct exposure to SOL, marking a milestone in mainstream acceptance of Solana. In the U.S., several Solana-based ETFs are also in motion: Bitwise launched a Solana staking ETF (ticker BSOL) on the NYSE in late October [48], offering investors a way to gain SOL exposure with staking rewards. Grayscale – known for its crypto trusts – is moving ahead with plans to convert its Solana Trust into an ETF [49], taking advantage of a temporary window while U.S. regulators were partly shut down (this bold move occurred during a government shutdown when SEC staffing was limited). These launches helped fuel market optimism, as reflected in SOL’s brief spike above $200 last week [50]. On the regulatory side, the SEC has delayed decisions on other spot Solana ETF filings (such as Franklin Templeton’s) to mid-November [51], but analysts at Bloomberg now project a 95% chance that Solana and XRP ETFs will be approved in the U.S. by year-end [52]. In Canada, regulators have already approved both spot and staking Solana ETFs earlier in 2025 [53], which are actively trading. All of this signals a watershed moment: Solana is joining Bitcoin and Ether in the lineup of crypto assets with dedicated ETFs, greatly lowering the barrier for institutional and retail investors to invest in SOL [54].
- Exchange & Platform Support: Solana’s integration into the broader crypto infrastructure reached new heights. In a major interoperability win, Uniswap – the largest decentralized exchange (DEX) on Ethereum – officially added support for Solana in its web application [55]. This means users can now swap SOL and Solana-based tokens via Uniswap’s interface, connecting their Solana wallets and tapping into Uniswap’s liquidity directly on Solana [56]. The move is significant: it bridges Solana’s ecosystem with Ethereum’s DeFi user base, and underscores Solana’s growing prominence as a smart contract network. Additionally, Gemini (a U.S. crypto exchange) rolled out a “Solana Card” that allows users to spend via credit card and earn SOL rewards (up to 6.77% back) with an auto-staking feature [57]. This kind of product brings Solana closer to everyday users, integrating crypto rewards into retail purchases. On the payments front, Visa announced an expansion of its stablecoin settlement support to multiple blockchains – including Solana – as part of its Q4 2025 earnings call [58] [59]. Visa’s CEO confirmed that Solana will be one of the networks used for settling transactions in USDC (Circle’s USD Coin) and other stablecoins, alongside Ethereum, Stellar, and Avalanche [60] [61]. This is a major validation of Solana’s speed and reliability for payments: Visa’s trials showed Solana can handle high-volume, low-latency transactions for cross-border payments [62]. By integrating Solana into its global settlement network, Visa effectively connected Solana’s blockchain to millions of merchants worldwide – a significant step toward mainstream adoption of crypto rails.
- New dApps and Upgrades: The Solana developer community continues to ship improvements and new applications:
- Jupiter Ultra: Solana’s top DEX aggregator, Jupiter, launched its “Ultra v3” upgrade, enhancing trade execution and liquidity aggregation (Jupiter also partnered with Kalshi, a regulated prediction markets platform, to bring on-chain trading of event contracts to Solana) [63] [64]. This opens up novel trading use-cases on Solana, merging DeFi with real-world event speculation.
- Raydium & Zcash: Privacy coin Zcash (ZEC) has landed on Solana, thanks to an integration using Near’s “Intents” protocol. As of this week, ZEC can be wrapped and traded on Solana, and liquidity pools are live on Raydium (a Solana DEX) [65]. This brings a major PoW coin’s liquidity into Solana’s DeFi ecosystem and showcases Solana’s interoperability with other chains.
- Tether Assets via LayerZero: Two new asset wrappers, USDT0 (Tether USD) and XAUT0 (Tether Gold), launched on Solana via LayerZero [66]. These bridges bring in cross-chain versions of Tether’s USDT stablecoin and XAUT gold-backed token to Solana, aiming to boost liquidity and give Solana users more options for stablecoins and commodity-backed tokens. Essentially, Solana now hosts additional liquidity for Tether USD beyond its native USDT issuance, which could attract arbitrage and more stablecoin volume [67].
- Network Upgrade – Alpenglow: Validators on Solana have approved a major consensus upgrade codenamed “Alpenglow,” slated for activation by early 2026 [68]. Announced in September, Alpenglow will overhaul Solana’s consensus mechanism to drastically cut block finalization times from ~12 seconds to as low as 150 milliseconds [69]. If achieved, this would be a game-changer – essentially real-time transaction finality, putting Solana at the forefront of speed. While the upgrade isn’t live yet, the anticipation of this improvement has been cited as a factor in bullish price predictions [70] [71]. Faster finality would cement Solana’s reputation for performance and could unlock new high-frequency use cases (e.g. payment networks, gaming, high-speed trading) on the chain.
- Decentralized Perp Exchange: Anatoly Yakovenko, Solana’s co-founder, unveiled plans for a new decentralized perpetual swap exchange called “Percolator.” This project will use a sharded orderbook on Solana to offer futures trading, aiming to compete with the likes of Hyperliquid (a prominent Solana-based perp DEX) [72]. Yakovenko’s direct involvement signals how seriously Solana is pushing into DeFi trading; Percolator is expected to leverage Solana’s throughput to offer a CEX-like experience on-chain, strengthening Solana’s trading ecosystem. It’s noteworthy that the “perp DEX wars” on Solana are heating up – with Hyperliquid, Mango, Cypher, and now a founder-led entrant – all vying to make Solana the go-to venue for on-chain derivatives.
- Institutional Partnerships: Big names in finance and investing have made moves in the Solana space:
- Citadel’s Backing:Citadel, the $50+ billion hedge fund led by Ken Griffin, revealed a multimillion-dollar stake in DeFi Development Corp., a firm whose treasury is heavily accumulating SOL [73]. This investment, disclosed in late October, represents fresh institutional capital flowing into the Solana ecosystem – effectively a Wall Street endorsement of Solana’s long-term value. DeFi Development Corp is something of a Solana holding company (akin to how MicroStrategy holds Bitcoin); Citadel’s involvement suggests it sees upside in SOL or Solana-based DeFi ventures [74].
- “Solana Company” Pivot: In a unique development, a Nasdaq-listed firm formerly known as Helius Medical (HSDT) completely pivoted its business to focus on holding and staking Solana. Rebranding as “Solana Company,” this U.S. public company now holds over 2.2 million SOL (nearly $400M worth) as treasury assets [75]. Just days ago, Solana Company announced it’s expanding its staking strategy through partnerships with validators Twinstake and Helius (the latter is coincidentally named but unrelated to the old medical company) [76]. This move followed the company’s $500 million private capital raise led by Pantera Capital earlier in 2025, which funded massive SOL accumulation [77]. Essentially, a publicly traded corporation has become one of the largest SOL holders, treating Solana as a strategic reserve asset. This mirrors the way some companies have put Bitcoin on their balance sheet, and it’s the first instance of a U.S.-listed company doing so with Solana. The stock’s performance has been volatile (the Decrypt report noted the shares have tumbled amid the pivot) [78], but the company insists this crypto-treasury play positions it for long-term growth in the digital asset space.
- Funding for Builders: Venture capital interest in Solana remains strong. The Jito Foundation, which develops Solana’s MEV and validator client infrastructure, raised $50 million from Andreessen Horowitz (a16z crypto) and other investors to grow its Solana staking and block MEV platform [79]. Jito is known for building a specialized Solana client that optimizes how validators handle MEV (miner/extractor value) and provides a liquid staking token (JitoSOL). The new funding will help improve Solana’s validator performance and decentralization, which addresses past issues of network reliability. Such investments underscore that top VCs are funding the “picks and shovels” of the Solana network, anticipating further ecosystem expansion. Similarly, many Solana-centric startups (from DeFi protocols to gaming platforms) have secured fresh rounds in 2025, reflecting confidence that developer activity on Solana will keep rising.
- Network Stability: One topic on everyone’s mind is Solana’s network reliability. In previous years, Solana suffered some high-profile network outages and performance hiccups (especially in 2021–2022) under surging user loads. The good news is that 2025 has been largely outage-free for Solana’s mainnet. Core developers implemented numerous upgrades – QUIC protocol adoption, localized fee markets, stake-weighted QoS, and forthcoming Firedancer (Jump Trading’s independent Solana validator client) – that have significantly improved stability. As a result, the network downtime that “tarnished its reputation” in the past appears to have been resolved for now [80]. Solana’s most recent upgrade (in Q3 2025) further stabilized performance and reduced outages [81]. This progress has restored confidence among developers and users [82], which is crucial as Solana scales. Notably, Solana’s daily transaction throughput remains extremely high (often tens of millions of transactions per day on-chain), and the network continues to handle it. The absence of major disruptions in 2025 is a relief to the community and makes Solana a more credible contender for mission-critical applications.
Overall, the flurry of developments around November 3, 2025 showcases Solana’s momentum on multiple fronts – market adoption (ETFs, Wall Street interest), technical progress (upgrades, new dApps), and ecosystem expansion (cross-chain integrations, DeFi growth). Even as the SOL price has cooled in the short term, the fundamental news flow has been overwhelmingly positive, painting a picture of a blockchain ecosystem that is maturing and expanding at a rapid clip.
Institutional Adoption, Big Investors & Token Movements
One of the defining themes for Solana in 2025 is surging institutional adoption. What was once seen as a highly experimental “altcoin” is now attracting serious interest from Wall Street firms, large crypto investors, and even public companies. Several trends illustrate this institutional embrace:
- ETFs and Public Market Vehicles: As mentioned, multiple exchange-traded funds for Solana are launching. These ETFs are drawing significant inflows – within the first week of U.S. trading, Solana ETFs reportedly pulled in nearly $200 million in net new investment [83] [84], and combined assets in Solana funds have now surpassed $500 million [85]. This is a strong signal of demand from investors who prefer regulated, exchange-listed products over direct crypto holdings. Grayscale’s Solana Trust (which had been one avenue for accredited investors to get SOL exposure) is likely to convert to an ETF structure soon [86], which should further improve liquidity and reduce any premium/discount issues. Meanwhile, Canada’s spot SOL ETF and staking ETF (by 3iQ and others) have been trading for months, providing a track record that regulators elsewhere can observe [87]. Hong Kong’s Solana ETF also indicates that Asian institutions are on board [88]. Collectively, the presence of ETFs means pension funds, hedge funds, family offices, and even 401(k)s could more easily allocate to Solana, injecting more institutional capital into SOL. It’s worth noting that Bloomberg analysts expect the SEC to approve Solana ETFs by end of 2025 alongside other crypto ETFs [89] – a stark contrast to a few years ago when regulators were hostile to anything beyond Bitcoin/ETH.
- Trading Platforms and Custody: Major financial platforms are embracing Solana. Fidelity Investments (one of the largest asset managers globally) expanded its crypto offering to include Solana trading for both retail and institutional clients [90]. This means millions of users who use Fidelity’s brokerage or retirement platforms can now buy/sell SOL directly in their accounts. Fidelity’s move follows other brokerages like Robinhood (which added SOL earlier) and showcases increasing comfort with Solana as an investable asset. On the custody side, firms like Coinbase Custody, BitGo, and Gemini Custody all support Solana, meaning institutional custodians are ready to securely hold SOL for clients. Bank of New York Mellon (the world’s largest custody bank) even named Solana as one of the assets it’s studying under its digital asset custody initiative – again, something unimaginable a couple years back.
- Venture Capital & Funding Rounds: Solana’s ecosystem has benefited from substantial venture capital funding. Solana Labs (the development company) famously raised $314M in 2021 from a VC round led by a16z and Polychain; by 2025, venture funding has shifted more to projects building on Solana. We’ve seen multi-million dollar raises for Solana DeFi projects, NFT platforms, gaming/metaverse apps on Solana, and infrastructure providers:
- The Jito $50M round led by Andreessen Horowitz [91] is one example, aimed at improving validator tech and staking yields on Solana.
- Another example is Drift Protocol (a Solana DEX) raising capital, or Tensor (an NFT trading platform on Solana) securing funding to challenge Ethereum’s NFT markets.
- Visa’s involvement can also be seen as a form of strategic investment – by integrating Solana, Visa is committing resources and giving the network credibility in the payments sector [92] [93].
- Pantera Capital’s $500M investment into “Solana Company” (HSDT) [94] demonstrates that crypto-native funds are willing to make very large, concentrated bets on Solana’s long-term value (essentially treating SOL like a reserve asset).
- Even traditional VC firms that once focused only on Ethereum are now actively funding Solana startups, indicating a belief that Solana’s user base and developer base will continue growing. The result of all this: Solana’s ecosystem is flush with capital to fund development, marketing, and user acquisition, which creates a positive feedback loop for growth.
- Notable Token Movements (Whales & Unlocks): Solana’s on-chain data has shown some large token movements and holdings changes in 2025:
- FTX Bankruptcy Estate: A legacy of the FTX collapse is that FTX/Alameda’s estate holds a huge trove of SOL. In fact, FTX was an early investor in Solana and had around 41 million SOL tokens locked up. Throughout 2024–2025, the bankruptcy estate worked on plans to liquidate these holdings to repay creditors. They enlisted Galaxy Digital’s asset management arm to help sell the SOL over time (to avoid crashing the market) [95]. Recent court filings indicated a schedule for unlocking and selling portions of these tokens through 2025–2028 [96]. For instance, about 20% of the locked SOL is set to be released in March 2025 and the rest gradually by January 2028 [97]. Notably, one Canadian firm (Neptune Digital) bought a chunk (~27k SOL) from the estate at a heavy discount ($64 per SOL) because those tokens were locked until 2028 [98]. During Sam Bankman-Fried’s sentencing, it even came to light that FTX had already sold some SOL at a 70% discount in early deals [99]. The overhang of FTX’s SOL supply has been a concern, but the orderly approach to selling and the involvement of Galaxy have so far prevented any shock to Solana’s price. The market seems to have priced in the gradual unlocking. In fact, creditors are lobbying the court to distribute remaining SOL to them rather than sell at depressed prices [100], arguing they’d rather hold the SOL given its future potential. The FTX saga, while unfortunate, has meant a large amount of SOL is effectively locked up and slowly re-entering circulation, potentially dampening extreme price swings.
- Whale Accumulation: On the bullish side, large investors (“whales”) have been accumulating SOL on dips. Crypto funds like Multicoin Capital, Jump Crypto, and Galaxy Digital are known to hold significant SOL positions (Multicoin famously held SOL from early days). In a striking example, Galaxy Digital reportedly bought $1.5 billion worth of Solana (this figure was mentioned hypothetically as a “vote of confidence” in one analysis [101], illustrating how major buys by big players signal bullish conviction). Whether or not that exact purchase occurred, we do know Grayscale’s Solana Trust holds a substantial amount of SOL on behalf of investors, and funds like Ark Invest have even included Solana in some of their crypto portfolios. Citadel’s stake in a SOL vehicle [102] and Bitwise launching a SOL fund (implied by their push for an ETF) show that institutions are building positions.
- Staking and Liquidity Movements: Over 70% of Solana’s circulating supply is staked in the network, one of the highest staking participation rates among major chains. In 2025, there’s been a trend of liquid staking tokens (LSTs) growing on Solana – Marinade (mSOL), Lido (stSOL), Jito (jitoSOL), Blaze (blazeSOL) etc. This means some SOL has moved into these staking contracts, increasing liquidity for staked SOL. No major unlock events (like team/advisor vesting cliffs) have caused shocks this year, as Solana’s token distribution has largely fully diluted by now. However, one event did stand out: in Q4 2025, an 11.2 million SOL unlock (roughly 2.2% of supply) occurred – this was the largest scheduled unlock to date [103]. It was related to the FTX estate’s tokens coming off lock. The market absorbed it without much drama, partly because many unlock participants chose to stake or hold rather than dump. Solana’s circulating supply continues to increase modestly (inflation rate ~4-5% annually, declining each epoch), but this is considered in valuations already.
In summary, Solana has transformed into an asset class that institutional investors are taking seriously. The advent of ETFs, integration by top fintech and TradFi platforms, and visible endorsements from leading investment figures all reinforce Solana’s legitimacy. Big money is coming in, whether through fund flows, venture investments, or direct token accumulation. This institutional influx is double-edged – it brings stability, liquidity, and validation, but also means Solana will be increasingly sensitive to regulatory decisions and macro investor sentiment. So far, however, the net effect has been overwhelmingly positive for Solana’s growth narrative.
Expert Commentary and Analysis
Solana’s rapid rise has drawn commentary from across the crypto industry. Here’s a look at what leading analysts and crypto figures are saying about Solana as of late 2025:
- Lark Davis (Crypto Analyst & Influencer): Lark Davis, a well-known crypto YouTuber and analyst, recently stirred discussion by declaring that “if you look at Ethereum’s main chain versus Solana, Solana is winning.” [104] Davis points out that Solana outperforms Ethereum in terms of speed, on-chain activity, and network growth at the base layer [105] [106]. While Ethereum is tied up implementing Layer-2 solutions to scale, Solana’s single-layer high throughput gives it an immediate usability edge (near-instant transactions and negligible fees). Davis acknowledged Ethereum’s ongoing upgrades (like proto-danksharding and eventual sharding) but argued those improvements are not yet enough to close the gap in user experience [107] [108]. He noted that Solana’s developer traction and efficient design make it undervalued relative to Ethereum by market cap [109]. In fact, Davis – who has historically been Ethereum-friendly – said if forced to choose only one chain for the next phase, he’d pick Solana as a stronger bet in the short term [110]. However, he also believes in a multi-chain future (with 4-5 major chains capturing most activity) where Ethereum and Solana both thrive alongside BNB Chain, Avalanche, and perhaps Sui [111]. His take encapsulates a growing sentiment: Solana is now seen as a legitimate rival to Ethereum, not just in narrative but in actual usage metrics, and it may capture a distinct segment of the market with its high performance and different architecture.
- Matt Hougan (Bitwise CIO): Matt Hougan, Chief Investment Officer at Bitwise Asset Management (a large crypto index fund provider), has become a high-profile Solana bull. He famously said Solana offers “two ways to win” – in stablecoins and tokenized assets – drawing an analogy to Bitcoin’s role as digital gold [112] [113]. Hougan’s analysis is that Solana has established itself as a leader in the stablecoin economy, with billions in stablecoin volume flowing through it and major stablecoins like USDC and USDT using Solana for fast, low-cost transfers [114]. With Visa’s integration and Solana’s deep liquidity in stablecoins, this part of the network’s usage is only growing. Separately, he highlights asset tokenization (Real World Assets, or RWAs) as a huge future market – converting things like stocks, bonds, real estate into blockchain tokens – and believes Solana’s speed and low fees make it an ideal platform for these tokenized markets [115]. Already, projects are testing tokenized U.S. Treasuries and equities on Solana, and if that accelerates, “Solana could become a go-to blockchain for tokenized markets, opening the door to massive capital inflows,” Hougan argues [116]. He notes that this dual strength (payments via stablecoins, and financial assets via tokenization) is unique to Solana among layer-1s, giving it multiple drivers of value [117]. Hougan has even compared Solana’s growth potential to Bitcoin’s early trajectory, suggesting Solana could mirror Bitcoin’s explosive adoption curve as more people recognize its capabilities [118]. In his words, “Solana’s accelerating adoption in key areas of blockchain tech positions it as an ‘explosive’ two-way bet” – meaning investors could benefit from either one of those trends playing out (and if both do, it’s even better). It’s noteworthy that Bitwise itself is backing up this conviction: they have launched a Bitwise Solana Index Fund and applied for a Solana ETF, indicating they’re seeing client demand for SOL exposure.
- Multicoin Capital (Kyle Samani): Multicoin Capital was one of the earliest major investors in Solana. Co-founder Kyle Samani has often lauded Solana’s design. While we don’t have a direct quote from November 2025, it’s well known that Samani considers Solana the premier “Web3 execution layer” due to its high throughput. Multicoin’s thesis has been that Solana can host order-book style DEXes, social networks, and games that simply wouldn’t work well on slower chains. Given the developments this year (like Solana’s dominance in daily active users for certain apps and the migration of some projects like Helium to Solana), one can infer Multicoin’s confidence has only strengthened. In prior commentary, Samani predicted that Solana’s ecosystem could eventually rival Ethereum’s in size and that most users won’t care which underlying chain they use as long as it’s fast and cheap. The events of 2025 – especially the mainstream partnerships – seem to be bearing that out.
- Anatoly Yakovenko (Solana Co-Founder): Yakovenko, often known as “Toly,” has been relatively quiet publicly in terms of grand predictions, focusing instead on building. However, his actions speak loudly. The fact that Yakovenko himself is spearheading the new Percolator DEX [119] is telling – it shows he’s confident in Solana’s ability to expand in DeFi and willing to get his hands dirty to push the envelope. He’s also been active in discussing Solana’s decentralization strategy, addressing critics who claim Solana is too centralized. Recently, a debate flared about Solana possibly changing its approach to improve decentralization (e.g. reducing hardware requirements, nurturing more home validators). Yakovenko’s stance has been that Solana is secure and decentralized enough for current needs, but as technology like Firedancer (the second independent validator client) comes online, it will both boost performance and add resiliency. In October, he highlighted that Firedancer achieved 600k TPS in a test environment, which is orders of magnitude above current throughput – a hint at future potential. Toly has also wryly noted that Solana’s network size (number of validators) is now in the same league as or higher than other L1s (over 2,000 validators), pushing back on the centralization narrative. His energy is clearly behind continuing to iterate Solana’s tech, with an ethos of solving problems (like past outages) with engineering solutions. That the founder is still all-in and building new products on his own chain is an encouraging sign to the community.
- Ethereum Community Views: It’s interesting to see Ethereum veterans acknowledge Solana too. For instance, Vitalik Buterin earlier in 2025 made a comment encouraging Ethereum developers to “take inspiration from Solana’s fee market design” after Solana implemented localized fee markets to manage congestion. Also, projects like Uniswap and Chainlink expanding to Solana show a pragmatic recognition that Solana has a large user base worth serving. Some Ethereum advocates remain skeptical, citing Solana’s more “state-heavy” approach (every validator needs high hardware specs) and past outages. But the tone has shifted from outright dismissal to respectful competition. A good encapsulation is: Ethereum folks admit Solana works well for certain things (high-frequency trading, etc.), even if they prefer Ethereum’s decentralization trade-offs; meanwhile Solana folks respect Ethereum’s dominance but aim to carve out their own niche. The bridging of assets (like USDC, and now even an official Uniswap bridge) means the two ecosystems are becoming more intertwined, which many experts say is the endgame – not one chain to rule them all, but a multi-chain world where Solana is a major player.
- Macro Analysts: Some crypto market analysts note that Solana’s price movements are increasingly correlated with broader market trends and news – a sign of its maturation. For example, when Bitcoin had a big move on ETF news in October, Solana rode the wave higher (with an even larger beta, jumping 20%+ that week). Conversely, when macro fears (like recession worries or regulatory crackdowns on exchanges) hit crypto, Solana tends to sell off alongside other altcoins. Peter Schiff, a gold proponent and crypto skeptic, even chimed in recently saying all of crypto (including Bitcoin and Solana) is due for a downturn, but his views are in the minority and often shrugged off [120]. Most crypto experts remain focused on fundamentals: in that light, Solana’s record developer activity, rising transaction volumes, and institutional buy-in are seen as bullish indicators for its long-term value, even if short-term sentiment is cautious.
In summary, expert sentiment on Solana is notably optimistic as of late 2025. There is a real sense that Solana has “broken through” as a top-tier blockchain, earning endorsements from influential voices. While healthy debate continues about decentralization and Ethereum comparisons, the overarching narrative from analysts is that Solana has proven its use case and staying power. It’s no longer theoretical – it’s delivering results (in DeFi, in NFTs, in payments), and smart money is taking notice. Such commentary, especially from those who manage large pools of capital or have big followings, can further drive interest in Solana, creating a virtuous cycle of adoption.
Solana vs. Rival Platforms: How It Stacks Up
Solana exists in a competitive landscape of layer-1 smart contract platforms. A report on Solana wouldn’t be complete without examining how it compares to its rivals like Ethereum, Avalanche, Cardano, Binance Smart Chain, and others. Here’s a look at the key areas of competition:
- Performance (Speed & Throughput): Solana’s calling card is its speed and high throughput thanks to its unique Proof-of-History (PoH) + Proof-of-Stake design [121]. Solana routinely processes 2,000–3,000 transactions per second (TPS) on mainnet and can theoretically handle 50,000+ TPS, far above Ethereum’s ~30 TPS on its base layer (Ethereum relies on Layer-2s for scaling). Transactions finalize in just a few seconds (and could drop to sub-second finality after Alpenglow), whereas Ethereum’s finality (post-merge) is around 6-12 minutes without L2s. Avalanche also boasts high throughput (~4,500 TPS across subnets) and Polygon can do thousands of TPS on its sidechain, but Solana’s architecture avoids the need for sharding or multiple chains – everything lives on one chain for now, which some argue makes development simpler. In practice, users notice Solana’s speed: interactions feel near-instant, akin to Web2 apps, which is a huge UX advantage for things like trading or gaming. Lark Davis emphasized that in terms of raw mainchain performance, Solana has an edge on Ethereum at the moment [122]. That said, Ethereum’s rollup-centric roadmap aims to eventually surpass these numbers by aggregating L2 throughput. Aptos and Sui (newer L1s with parallel execution engines) also claim high TPS, but they are far behind Solana in actual usage right now.
- Ecosystem & Developer Community:Ethereum remains the king of DeFi and NFTs by total value and number of projects. However, Solana’s ecosystem growth has been explosive, especially in 2023-2025. Solana now has vibrant DeFi protocols (AMMs like Orca, order book exchanges like Serum and Mango, yield platforms, liquid staking, etc.), a flourishing NFT scene (it was the #2 chain for NFTs by volume at times, with collections like Degenerate Apes, DeGods (which later moved to ETH), and new mints happening daily), and even Web3 social apps (like Solana’s own Saga phone initiative and decentralized Twitter alternatives). Coinpaper noted Solana’s “exponential growth” across DeFi, NFTs, gaming, and payments in fueling its 2025 rally [123]. For instance, the Jupiter DEX aggregator saw record user engagement and volumes [124], and NFT marketplaces on Solana witnessed renewed enthusiasm with better liquidity. While Ethereum still has more developers overall, Solana’s developer count is surging – hackathons regularly draw thousands of participants, and Solana’s dev tooling (like Anchor framework) has matured. A notable stat: Solana’s daily active addresses often rival or exceed Ethereum’s, indicating high user engagement (some days Solana has hundreds of thousands of active users, partly due to popular mobile app integrations like StepN and others). Avalanche and Polygon also have substantial ecosystems, but Avalanche’s is more focused on specific niches (GameFi, institutional subnets) and Polygon’s is tightly interwoven with Ethereum. Binance Smart Chain (BSC) actually has comparable activity to Solana (especially in terms of cheap transactions and lots of users in Asia), but BSC is more centralized (permissioned validators) and often seen as lower-end (many forks of Ethereum dApps). Solana, by positioning itself as high-performance yet decentralized enough, has carved a strong position: more decentralized than BSC, faster than Ethereum, and with deeper liquidity than newer chains like Aptos.
- DeFi and TVL: In terms of Total Value Locked (TVL) in DeFi, Ethereum is still #1 by a mile (over $150B in TVL by some counts in late 2025), but Solana has risen to #2 among layer-1s. Solana’s TVL is roughly $10–12 billion currently [125], which puts it ahead of BNB Chain (~$8B) and far above Avalanche (~$2B) [126]. This gap narrowed after Solana’s big rebound in 2025 (Solana’s TVL had dipped after the FTX collapse in late 2022, hitting a low below $1B, but it roared back as SOL price and usage recovered). A CoinMarketCap report highlighted that Solana’s DeFi sector saw an 8% market cap gain in a week recently, reaching $254B combined sector cap [127] – indicating how Solana and its ecosystem tokens benefited from positive news. Unique offerings like Solend (lending), Jupiter aggregator, Marinade (liquid staking), and Mango Markets contribute to Solana’s TVL. Additionally, Solana’s DeFi has some original innovation: the order book model (Serum and its successors) and MEV auctions (Jito) differ from Ethereum’s primarily AMM-based DeFi. One metric where Solana reportedly excels is DApp revenue – one source noted Solana leads all other L1s/L2s in daily dApp revenue (perhaps due to NFT mints and DeFi fees) [128]. This suggests projects on Solana are generating significant fees, which can be bullish for sustainability (some of those fees also accrue to SOL via burning of a portion of transaction fees).
- Security & Decentralization: Ethereum’s big advantage is its perceived decentralization and security (thousands of nodes, a long history with no major hacks of the base layer, except The DAO which was a smart contract issue). Solana’s network has ~2,000 validators – more than many other L1s – but running a Solana node is costly (it requires beefy hardware and a fast internet connection). Critics argue this makes Solana more prone to centralization among those who can afford such infrastructure. Solana’s counter is that quality of validators matters and the Nakamoto coefficient (number of validators needed to collude to halt the network) is around 31 for Solana, which is competitive with other chains. Solana did suffer multiple outages previously, which Ethereum has not. However, as noted, no major outages occurred in 2025 after improvements [129]. Avalanche and Polygon haven’t had outages, but they also haven’t hit the same stress levels. Cosmos chains (like Terra before its collapse) had their own issues. So, Solana’s reliability is vastly improved but still under scrutiny. On security, Solana had an exploit in a bridge (Wormhole) in 2022, but the chain itself hasn’t been compromised. Ethereum’s approach is ultra-conservative (slow upgrades, client diversity) whereas Solana pushes fast updates and even encourages a second validator client (Firedancer) for diversity. Many experts now consider Solana sufficiently decentralized for its purpose, although Ethereum remains the gold standard for decentralization (with thousands of home stakers).
- Community and Narrative: Ethereum has a very strong community and narrative (decentralized world computer, Ultrasound Money, etc.). Solana’s community, while younger, is quite passionate and has built its own identity (more Web2 vibe, focus on user experience, frequent hackathons, meme of “Solana Summer”). Solana’s community also tends to be a bit more retail and youth-oriented (lots of NFT culture) compared to Ethereum’s mix of finance and tech heavyweights. In 2025, Solana benefited from a narrative flip: after FTX collapse in 2022, Solana was left for dead by some, but it staged a 180° turnaround. By late 2025, even skeptics had to admit Solana’s “comeback” was real. This narrative – of a chain overcoming challenges – actually galvanized its community. Rival chains like Cardano or Algorand have not seen comparable usage surges; Cardano’s community is strong but its DeFi is minimal. Avalanche has made inroads with institutional subnets (e.g., partnerships with traditional finance for blockchain deployments), but hasn’t captured retail mindshare like Solana has with things like StepN (move-to-earn) or the Saga phone. All considered, Solana stands out now as the primary alternative to Ethereum for high-performance applications, whereas others like Avalanche and Polkadot have more niche positioning. A CoinEdition piece even framed it as Solana and Ethereum likely co-existing at the top, with BinanceChain, Avalanche, and Sui also among major chains [130].
- Interoperability: An emerging angle is cross-chain interoperability. Solana was somewhat isolated early on (different tech stack, not EVM-compatible), but 2025 has seen bridges and multichain deployments change that. For example, LayerZero and Wormhole bridges connect Solana to Ethereum, BSC, Avalanche, etc., and assets like USDC can move freely. Circle (issuer of USDC) made Solana one of the primary chains for native USDC. Meanwhile, Ethereum’s top oracle, Chainlink, integrated Solana to provide price feeds, which was crucial for DeFi. And as mentioned, Uniswap’s Solana integration [131] and Zcash bridging [132] are recent examples of Solana not existing in a silo. This means from a user’s perspective, chains are less in “either/or” competition and more in “networked cooperation.” Rivalry still exists for new projects (will a dev build on Solana vs Ethereum vs Cosmos?), but increasingly, major apps deploy on multiple chains. Even stablecoins like Tether and USDC are on every chain. So Solana’s rivalry with others is partly offset by these integrations – for instance, if Solana succeeds in tokenized assets, those assets could theoretically also be used on Ethereum via bridges, and vice versa. Still, performance and cost differences will determine which chain hosts the most activity.
In essence, Solana’s competitive position in late 2025 is very strong in the areas of performance and user experience, catching up fast in DeFi activity, and holding its own in NFTs and new use cases. It has shed the perception of being an unproven experiment; it’s now battle-tested enough to be taken seriously alongside Ethereum. Challenges remain – Ethereum is not standing still (its roadmap could make it much more scalable by 2026-27), and other L1s like Polygon (with its zkEVM rollups) or Celestia (modular chain) propose different paradigms. But if 2025 has shown anything, it’s that Solana has moved out of Ethereum’s shadow to become a leading platform in its own right, often mentioned in the same breath as Ethereum when discussing the future of Web3.
Regulatory Updates and Outlook
Regulation plays a pivotal role in shaping the future of any cryptocurrency, and Solana is no exception. As of November 2025, the regulatory environment around Solana has seen significant developments, mostly positive or cautiously optimistic:
- ETF Approval Trajectory: One of the clearest signals of regulatory warming has been the treatment of Solana ETF applications. In the U.S., the SEC historically was very selective, only permitting Bitcoin and Ethereum futures ETFs (and recently a spot Bitcoin ETF seemed imminent). The fact that multiple spot Solana ETFs are on the docket – and haven’t been outright rejected – is a big deal. The SEC extended its review periods for proposals from Franklin Templeton, Bitwise, 21Shares, Invesco Galaxy, etc., using up almost all available extensions (Franklin’s deadline is Nov 14, 2025) [133] [134]. This indicates serious consideration. Bloomberg’s analysts not only give a high probability of approval [135], but there is also political pressure: Congresscritters and investors are pushing the SEC to not stifle innovation. If/when a spot Solana ETF gets approved in the U.S., it will mark the first time a U.S. regulator gives a green light to a non-Bitcoin, non-Ethereum spot crypto product. This could set a precedent for other altcoins. It also implies the SEC is comfortable that SOL is not a security (or at least willing to treat it as a commodity-like asset for an ETF). Back in 2023, recall, the SEC had named SOL (along with others like ADA, ALGO) as an example of a security in certain enforcement actions. But no direct case was brought against Solana Foundation, and that line of argument seems to have faded. Instead, by letting an ETF move forward, regulators are tacitly acknowledging SOL’s widespread decentralization and utility. Outside the U.S., as noted, Hong Kong’s SFC approved a Solana ETF [136], and in Europe, Solana ETPs (exchange-traded products) have been trading on exchanges like Xetra and Euronext for some time without issue. MiCA (EU’s crypto framework), which comes into effect in 2024/2025, also provides a clear process for exchanges to list coins like SOL across EU countries, and Solana should easily meet those criteria (it’s not an algorithmic stablecoin or anything that MiCA restricts heavily).
- Securities Law Clarity: One lingering question was: Is SOL a security under U.S. law? The Solana Foundation maintains it is not – it was sold as a utility token, the network is decentralized, etc. While the SEC’s mention in 2023 caused some FUD, there’s been no follow-up enforcement targeting Solana. In fact, industry advocacy groups have pointed out that Solana does not fit the Howey Test well now – there’s no expectation of profit from a common enterprise, as Solana’s value is driven by broad market forces and usage, not solely the efforts of Solana Foundation. Moreover, CFTC commissioners have hinted that many large-cap tokens (beyond BTC/ETH) might be commodities. If the SEC is on the verge of approving a SOL ETF, it suggests an inter-agency consensus that SOL is an appropriate underlying asset, likely classifying it as a commodity/digital asset rather than a security. Additionally, Congress has been working on crypto legislation – one bill proposes to officially categorize tokens like SOL as commodities if they meet certain decentralization metrics. While not passed yet, the trend in late 2025 is toward clarifying regulations that would benefit Solana. The absence of any negative regulatory action specifically towards Solana in 2025 (contrasting with, say, 2020’s XRP lawsuit or others) has given investors more confidence.
- Stablecoin and Payments Regulation: Since Solana is heavily used for stablecoins (USDC, USDT), any regulation around stablecoins affects it. The US is considering a stablecoin bill to formalize oversight (likely requiring issuers to be licensed). Circle (USDC issuer) and Tether both support Solana; Circle actually launched Euro Coin (EURC) on Solana and is part of Visa’s stablecoin initiative. The regulatory outlook for stablecoins is mixed: likely stricter rules but also integration into the banking system. For Solana, Visa’s use of Solana for settlement [137] [138] was done in compliance with existing rules via partnerships; if anything, it showcases to regulators that blockchains like Solana can be used in a compliant, enterprise manner. We might see central bank interest too – hypothetically, a CBDC or government bond token could be issued on Solana given its RWA push (though none announced yet). In 2024, there was talk of Japan’s MUFG issuing bank stablecoins on public chains including Solana. As long as Solana’s network is robust and compliant-friendly (which it appears to be, with transparent tracking and non-anonymity for issuers), regulators may actually favor networks like Solana for regulated stablecoin activity because of the efficiency gains.
- Global Regulatory Moves:
- In Europe, MiCA will require exchanges to register and give notification when listing new tokens, but since SOL is already widely traded, no issues are expected. European investment funds (ETPs) for Solana exist and MiCA could make cross-border distribution of those easier.
- Asia: Hong Kong’s embrace of crypto ETFs (including Solana) [139] is part of a broader push to be a crypto hub under regulated frameworks. Singapore as well has several licensed funds that hold Solana. Japan allowed certain tokens like SOL to be listed for trading as it loosened its whitelist – indeed SOL trades on some Japanese exchanges now.
- Latin America and others: Countries like Brazil have crypto investment funds that include Solana. The general trend is regulatory normalization – Solana is being treated similarly to other top cryptos.
- Indirect Effects – Market Structure: Regulators also influence things like exchange operations (e.g. the U.S. lawsuits against Coinbase and Binance in 2023 had named certain tokens as unregistered securities). Solana was named in the SEC’s case against Binance in June 2023, which led some U.S. exchanges to preemptively delist SOL for a time. Notably, Robinhood halted new SOL purchases in mid-2023 due to that uncertainty. Fast forward to 2025, Robinhood has reinstated Solana trading after clarity improved. Coinbase never delisted SOL and in fact heavily supports the Solana ecosystem (they are a major custodian for SOL staking and list many Solana tokens now). The resolution of these legal cases (should it come in 2025/26) will further clear the status. Given recent signals, it’s looking likely that SOL will not be deemed a security by courts or Congress, which would remove a huge overhang. So, exchanges feel more comfortable listing Solana. Even Binance.US, which had to drop many altcoins, might re-list SOL if the legal landscape clarifies.
- Compliance Initiatives: The Solana Foundation itself has been proactive. They engage with regulators, produce transparency reports, and have compliance measures (like blacklisting capability for the USDC on Solana in cooperation with Circle, for sanctioned addresses). This proactive stance helps build trust. For instance, Solana-based USDC was used to facilitate aid payments in war zones – something regulators watch to ensure compliance with sanctions, etc., and it went smoothly. No notable hacks or fraud specific to Solana occurred in 2025 that drew regulator ire (the Mango Markets incident was late 2022, and even that the community handled via negotiation). As long as Solana’s ecosystem avoids egregious DeFi scams or massive losses, it stays in regulators’ good graces.
- Taxation and Reporting: Countries are increasingly requiring transaction reporting for crypto. Solana’s high throughput could be a challenge for individual tax reporting (so many transactions!). But we see companies like TaxBit and CoinTracker integrating Solana, making it easier to comply. The IRS and other agencies have not singled out SOL for any special treatment; it falls under general crypto rules.
Looking ahead, one potential regulatory question is how Solana will handle on-chain identity and KYC if, say, securities are tokenized on it. Projects like Circle’s Verite and others allow identity tokens that could be used on Solana to gate access to certain assets (e.g. only accredited investors can hold a tokenized security). If tokenization of stocks on Solana grows, expect collaboration with regulators to meet requirements.
Overall, the regulatory outlook for Solana as of late 2025 is cautiously positive. The trend is towards integration of Solana into the regulated financial world (via ETFs, stablecoin uses, etc.), rather than exclusion. Of course, broad regulatory risks for crypto remain – like if a major jurisdiction banned all crypto, Solana would be affected along with the rest of the market. But current signals show major jurisdictions are instead creating pathways for crypto, and Solana is taking advantage of those. One headline summed it up: “Solana Flexes Huge Institutional Wins… as U.S. ETF launches fuel SOL’s spike” [140] – it captures that regulation-enabled events (like ETF launches) are now a tailwind for Solana. Stakeholders will be watching the SEC’s mid-November decision closely; approval would be a landmark, while another delay or denial might temporarily dampen sentiment. Yet even in the worst case, Solana has ample international avenues and a strong user base to continue growing.
Conclusion: As of November 3, 2025, Solana (SOL) stands as one of the most dynamic and significant networks in the cryptocurrency space. Its current price around $175 [141] belies the tremendous journey it undertook to get here – a journey marked by astonishing gains, periodic setbacks, and relentless innovation. In the past year, Solana has solidified its claim as a top Ethereum rival, backed by real adoption metrics: high DeFi TVL, thriving NFT markets, and integration into global finance (from Visa’s payments [142] [143] to upcoming Wall Street ETFs [144] [145]). The Solana ecosystem has shown resilience, bouncing back from challenges like the FTX fallout and network outages with technical upgrades and community determination [146].
Going forward, the key things to watch will be: Can Solana maintain its technical edge (with upgrades like Alpenglow and Firedancer improving throughput and stability)? Will institutional adoption continue accelerating (large-scale enterprise use, more funds flowing in)? And how will Solana coexist or compete with Ethereum and others as each evolve (Ethereum scaling via Layer-2s, new chains emerging)? For now, the narrative is favorable – many experts see Solana as indispensable in a multi-chain future [147], offering a blend of speed and usability that complements the strengths of other networks.
On the regulatory front, Solana is on the cusp of a breakthrough: a U.S. spot ETF approval would crown its transition into the mainstream investment vernacular [148]. Even without it, the international market is embracing Solana with open arms, as seen by products in Hong Kong, Canada, and Europe [149] [150].
In short, Solana in late 2025 presents a case study of a blockchain that rapidly ascended from a promising newcomer to a core pillar of the crypto ecosystem. Its price may fluctuate, but the development and adoption surrounding Solana hint at a project with significant staying power. As one analysis put it, after noting Solana’s all-time high and growth: “Solana’s ascent… reflects the maturation of a blockchain ecosystem that has overcome early challenges and established itself as a pillar of the crypto economy.” [151] With robust technology, an expanding user base, and increasing endorsement from finance heavyweights, Solana’s broader ecosystem is poised to remain a focal point as we head into 2026 and beyond – navigating both the opportunities and the uncertainties of the ever-evolving crypto landscape.
Sources: Solana price and market data [152] [153]; recent SOL price analysis [154] [155]; CoinMarketCap historical snapshot (Nov 2025) [156]; All-time high and ecosystem growth analysis [157] [158]; ETF and institutional news from CoinMarketCap and Trefis [159] [160]; U.S. SEC ETF delay and approval odds [161]; Uniswap and Gemini support [162] [163]; Visa stablecoin integration announcement [164] [165]; Citadel and Solana Company institutional moves [166] [167]; Jito funding news [168]; U.Today and CCN price analysis [169] [170]; CoinEdition expert commentary [171] [172]; Bitget/Bitwise CIO remarks [173] [174]; CoinMarketCap weekly Solana reports [175] [176]; regulatory and market perspective from Yahoo Finance and Cointelegraph [177] [178]; and additional data from Solana’s official communications and blockchain analytics. All information is current as of November 3, 2025.
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