Solana Price Analysis: SOL slowly continues to retrace, a retest of $120 to follow today?

TL;DR Breakdown Solana price analysis is bearish today.SOL/USD continued to decline overnight.SOL broke past $130 again. Solana price analysis is bearish today as the market continued to decline over the last 24 hours and set another local low and high. Therefore, we expect SOL/USD to see further downside later today and potentially move to retest the $120 current major swing low. Cryptocurrency heat map. Source: Coin360 The overall market traded with bearish momentum over the last 24 hours despite the market leaders, Bitcoin and Ethereum, gaining 1.67 and 2.54 percent. The rest of the top altcoins have seen a slight decline of 2-4 percent. Solana price movement in the last 24 hours: Solana sets lower low below $130 SOL/USD traded in a range of $125.12 – $140.94, indicating strong volatility over the last 24 hours. Trading volume has decreased by 18.37 percent and totals $2.4 billion, while the total market cap trades around $40.3 billion, ranking the coin in 7th place overall. SOL/USD 4-hour chart: SOL to see further downside today? On the 4-hour chart, we can see the Solana price moving higher over the past hours as bears likely take a pause before further downside attempts. SOL/USD 4-hour chart. Source: TradingView The Solana price action has traded in a steady bearish momentum this month. After a strong rally during the first days of September, SOL/USD peaked at around $215 on the 9th of September. This price ac...