Solflare has unveiled a new self-custody debit card in partnership with Mastercard, coinciding with ongoing challenges for Solana in the market. This launch arrives during a particularly tough week for the SOL token, which has been experiencing a notable downtrend. The debit card is designed to empower users by granting them direct control over their cryptocurrency spending, even as the market performance of Solana continues to falter.
The recently introduced card connects seamlessly to a non-custodial Solflare wallet, allowing users to make instant payments using USDC at any merchant accepting Mastercard globally. Transactions can be authorized through biometric verification, PIN input, and a physical tap of the card, ensuring users maintain control without the need for preloading funds. It also features real-time notifications and fraud protection, enhancing security and user experience akin to traditional banking systems.
The initial rollout of the card will occur in the UK and the EEA, with plans for expansion into additional markets. Solflare also intends to integrate more fully with mobile wallets, launching with support for Google Pay and promising Apple Pay compatibility in the near future. The early interest in the product is significant, with over 115,000 users already registered for access, demonstrating a clear demand for user-friendly crypto off-ramping solutions.
Despite the innovative product launch, Solana”s price has not responded positively. Currently trading around $132, SOL has seen a decline exceeding 14% over the past week. This downturn highlights Solana”s struggles in a generally weak market environment. Analyst TedPillows remarked that SOL has been one of the poorer performing large-cap cryptocurrencies this month, indicating a substantial sell-off that has largely eliminated available downside liquidity.
As sell pressure eases at lower price points, there is potential for a rebound, particularly as liquidity maps reveal significant upside potential between $170 and $200. Traders are closely monitoring the current price range of $135 to $145 for signs of a bounce. A modest recovery could push SOL towards $160, with the possibility of testing deeper liquidity levels around $180 and $195. The current market setup appears to favor upward movements should sentiment improve.
