Solana Price Analysis: SOL sets lower low at $130, ready to reverse?

TL;DR Breakdown Solana price analysis is bullish for today.SOL/USD continued to decline over the last 24 hours.SOL found support at $130. Solana price analysis is bullish for today as a new lower low was set today with a quick spike to $130. Since further downside got rejected, we assume SOL/USD will reverse after such a strong decline. Cryptocurrency heat map. Source: Coin360 The overall market traded in the red over the last 24 hours, with Bitcoin down by 7.88 percent. The top altcoin, Ethereum, lost 8.53 percent, while Avalanche (AVAX) is among the worst performers, with a loss of 17 percent. Solana price movement in the last 24 hours: Solana declined past previous low, support found at $130 SOL/USD traded in a range of $131.26 – $159.08, indicating large volatility over the last 24 hours. Trading volume has increased by 26.76 percent and totals $5 billion. Meanwhile, the total market capitalization trades around $42.72 billion, ranking the coin in 7th place overall. SOL/USD 4-hour chart: SOL ready to reverse? On the 4-hour chart, we can see the Solana price rejecting further downside when the $130 mark was reached. SOL/USD 4-hour chart. Source: TradingView Solana price action still trades in a bearish momentum after a lower low was set today. This continued the bearish momentum that began on the 7th of September when SOL/USD saw a drop from the $215 all-time high. Over the following weeks, Solana continued to de...