Solana Price Analysis: SOL sets another lower high, further downside today?

TL;DR Breakdown Solana price analysis is bearish for today.SOL/USD set a lower high overnight.Solana targets the $58 support next. Solana price analysis is bearish for today as the market set another lower high overnight and currently starts to move lower again. Therefore, we expect SOL/USD to reach further downside later today and target the $58 mark next. Cryptocurrency heat map. Source: Coin360 The cryptocurrency market traded with a slight loss over the last 24 hours. The market leader, Bitcoin, has lost 0.75 percent, while Ethereum remains flat. Solana (SOL) has seen a loss of 0.23 percent. Solana price movement in the last 24 hours: Solana sets a lower high at $74 SOL/USD traded in a range of $66.26 – $73.98, indicating a substantial amount of volatility over the last 24 hours. Trading volume has declined by 6.37 percent and totals $1.64 billion, while the total market cap trades around $19.72 billion, ranking the coin in 10th place overall. SOL/USD 4-hour chart: SOL ready for a further downside? On the 4-hour chart, we can see the Solana price starting to move lower again, which should lead towards more downside later today./ SOL/USD 4-hour chart. Source: TradingView The Solana price action saw a strong advance over the past month. From the $22.5 low set on the 20th of July, SOL/USD advanced by more than 250 percent until strong resistance was found around the $80 mark. Last week, we saw bulls slow down their...