Toss Bank Partners with Solana Foundation for Stablecoin Remittances as SOL Price Reclaims $74

Solana price is back above $74 today. The price rebounded roughly 23% from its June low near $60, recovering from a sharp sell-off earlier in the month. The recovery comes as Toss Bank, a South Korean internet-only bank, announced a strategic partnership with the Solana Foundation to test stablecoin-based global remittances. But is this a sustainable rally or just a corrective bounce?

Let’s break down the news and the technical picture from high-level analyst More Crypto Online.

Toss Bank Partners with Solana Foundation – A First for South Korea

On June 19, Toss Bank signed a memorandum of understanding with the Solana Foundation at its office in Seoul. The agreement was publicly disclosed on June 22. This marks the first instance of a South Korean internet bank directly collaborating with the Solana Foundation.

The two organizations will first pursue a proof of concept (PoC) in the global remittance and settlement sector. The initial phase will assess the technical feasibility of remitting stablecoins based on the Solana network. Toss Bank will leverage its experience in operating an internet bank to design user experiences, while Solana will provide the technological infrastructure.

Toss Bank currently supports overseas remittance services in 30 countries and seven major currencies. Through this collaboration, the bank aims to expand the number of supported countries and currencies while validating the potential for building a faster and more cost-effective global remittance infrastructure.

Park Jin-hyun, Toss Bank’s Strategy Head, stated: “This collaboration is a starting point for gradually applying blockchain-based digital financial infrastructure to our already operational innovative financial services”.

The partnership arrives as South Korea reviews new rules for digital asset services, including a potential licensing framework for cross-border virtual asset transfers that could take effect in December. For Solana, the partnership adds another institutional payments initiative to its ecosystem, following Western Union’s launch of USDPT on Solana in May.

More Crypto Online’s Technical Take – Corrective Bounce or Pump?

High-level analyst More Crypto Online shared his view on Solana’s current price action. He noted that Solana has reacted from micro support, keeping the wave 2 bounce scenario alive. However, he emphasized that the rally remains corrective and is now testing resistance.

Leading Scenario: Support between $63.12 and $69.43 continues to hold. Price has reached the 78.6% retracement near $74 and is testing resistance between $72 and $75. A break above this area would increase the probability of a larger wave 2 extension toward $82-$89.

Risk Scenario: The move up remains corrective. A break below $63 would increase the probability that the white bearish count is underway and that a larger third wave decline has started.

Key Support Levels: $63.12-$69.43 / $63

Key Resistance Levels: $72-$75 / $82-$89

Bottom Line: The bounce remains valid while support holds, but it is still corrective. Resistance between $72 and $75 is the key area to watch.

Other analysts are also watching the $73-$75 zone closely. Ali Charts recently highlighted that the TD Sequential indicator flashed a buy signal last Friday, propelling SOL from $68.46 to $74.27. However, he warns that a new sell signal has emerged on the 4-hour chart, with strong resistance appearing around $74.65. The 4-hour 200 simple moving average sits at $75, further strengthening the resistance zone.

Read also: DeepSeek AI Predicts Solana Price for June

Solana Chart Analysis – 4-Hour Timeframe

The attached 4-hour SOL/USD chart from More Crypto Online shows a market attempting to recover from the June lows but facing significant overhead resistance.

Price action: Solana dropped heavily from above $90 to a low near $60 in June. The recovery has been steady, with price now testing the $73-$74 zone. The move from the low represents a 23% rebound, but the rally has been corrective rather than impulsive.

Fibonacci levels: The chart shows key Fibonacci retracement levels. The 61.8% retracement sits around $72.79, and the 78.6% retracement is near $74. Price is currently testing these levels. The 38.2% retracement at $69.43 and the 50% at $67.53 acted as support during the bounce.

Wave structure: The analyst labels this as a potential wave 2 bounce within a larger corrective structure. If this is a wave 2, it could extend toward $82-$89 if resistance breaks. However, if resistance holds, a wave 3 decline could follow.

Key levels: Support is at $63.12-$69.43 and $63. Resistance is at $72-$75 and $82-$89. A break above $75 would be a bullish signal, while a break below $63 would confirm bearish continuation.

Where Could Solana Price Go From Here?

The current price action is at a critical juncture. Solana has rebounded 23% from its June low, driven by the Toss Bank partnership news and broader market recovery. However, the rally is facing strong resistance in the $72-$75 zone, which also aligns with the 4-hour 200 SMA.

If SOL breaks above $75 with volume, it could trigger a larger wave 2 extension toward $82-$89. A daily close above $74 could be interpreted as the recent drop being merely a temporary trap. On the upside, the 50-day simple moving average is at $79.85; breaking above this barrier could open the way toward the $82 to $90 range.

If SOL rejects at $72-$75, the price could first revisit $71, while a deeper correction might see it return to $68.46. Losing the $73 support puts the $67 to $68 area as the next support band, with a daily close below $60 pointing to a stronger base at $50.

For traders, the $72-$75 zone is the key area to watch. A Solana price pump above $75 would be a bullish signal, while a rejection could lead to another leg down. The Toss Bank partnership is a positive fundamental development, but the technical picture remains corrective until resistance is broken.

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