Japan’s Minna Bank, a digital-focused financial institution, is investigating stablecoin technology for use in payments and other financial services, showcasing growing institutional enthusiasm for Solana’s blockchain.
Solana’s token (SOL) experienced a 3.36% decline over the past 24 hours, dropping from $155.69 to about $150.81, based on data from CoinDesk Research. Despite this dip amid broader market pressures, the project’s momentum continues in Asia through notable partnerships.
Minna Bank, which operates as a subsidiary of Fukuoka Financial Group and primarily serves customers aged 15 to 39, has partnered with Fireblocks, Solana, and TIS to explore how stablecoins and Web3 wallets can revolutionize consumer finance in Japan. Their joint research focuses on practical applications such as payments, on-chain banking infrastructure, and mobile-first user experiences tailored to Japan’s tech-savvy demographic.
This collaboration comes at a time when stablecoins have exceeded a $250 billion market cap, sparking interest among banks aiming to improve cross-border payments, deposits, and settlements. Michael Shaulov, CEO of Fireblocks, highlighted the potential for this initiative to drive efficiency in digital value transfers.
While Solana’s price remains below recent highs, ongoing institutional developments like the launch of the REX-Osprey Solana + Staking ETF and increased holdings by DeFi Development Corp. reflect continued confidence despite short-term price fluctuations.
Technical Overview:
- Between July 3, 10:00 and July 4, 09:00, SOL fell 3.36%, from $155.69 to $150.46.
- The intraday price range spanned from $155.79 to $149.13, indicating 4.28% volatility.
- Resistance was noted near $153.77 at 05:00 on July 4 amid higher volume.
- Support held firm at $149.13 around 08:00, supported by strong buying activity.
- In the final hour, SOL gained 0.40%, moving from $149.97 to $150.57.
- A brief uptrend developed after surpassing resistance at $150.20 at 09:03.
- Volume spikes of 24,245 units at 08:50 and 22,894 units at 09:15 confirmed bullish momentum.
- SOL stabilized above $150.63 with little resistance ahead.
