Gemini announced the launch of a Solana-branded credit card on October 20, 2025, offering users up to 4% back in SOL tokens on every purchase. The new card, which operates on the Mastercard network, also allows cardholders to stake their rewards for an annual return of up to 6.77%.

This marks the third crypto-focused credit card from the exchange, following the release of its Bitcoin and XRP versions earlier in 2025. Citing Solana’s expanding developer community and network momentum, Gemini called the partnership a logical next step. The credit card program has been a significant growth engine for the company, which saw user sign-ups climb from 8,000 to nearly 31,000 between August 2024 and August 2025. Mizuho analysts have identified the card platform as a key revenue driver for Gemini, which completed its public listing in September 2025.

Price Action and Key Technical Levels

As of October 21, 2025, Solana is trading at $194, still well below its all-time high of $293. The token has successfully defended a critical support zone between $175 and $186 since August, an area that has consistently attracted buyers during market dips.

The immediate challenge for SOL is the resistance level at $200. A more significant barrier lies in the $202-$211 range, which contains the 20-day and 50-day moving averages as well as key Fibonacci retracement levels. According to analysts, a sustained breakout above this zone would signal a bullish trend change, potentially opening the door to price targets of $221-$222, with further upside toward $235 and $250.

Market Activity and Institutional Conviction

Market indicators point to growing interest in Solana. Trading volume has surged to multi-month highs, while futures open interest has surpassed $8 billion, a metric that often precedes significant price movements. Concurrently, spot markets have recorded $31.7 million in net inflows, suggesting accumulation at current price levels.

Institutional backing for the network remains robust. Digital asset firms now hold over 20 million SOL in their corporate treasuries, reflecting long-term confidence. The network’s financial health is also strong, with ARK Invest reporting $223 million in revenue for the third quarter. Grayscale has also highlighted Solana’s high transaction throughput and low fees as major draws for developers. With network upgrades like Firedancer on the horizon and continued growth in Decentralized Finance (DeFi) activity, the ecosystem appears poised for further expansion.

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