Solana’s SOL Token Expected to Swing Nearly 6% Ahead of Jobs Data
Solana's SOL token may experience a price swing of approximately 6% following significant selling by large investors (whales) ahead of the U.S. non-farm payroll report.
The one-day implied volatility index for SOL indicates an annualized volatility of 109.70%, predicting a 24-hour price fluctuation of 5.74%. This level of volatility is moderate, considering recent fluctuations exceeding 6% since early March.
Whale Selling
- Whales sold SOL worth $46.3 million, as tracked by Lookonchain.
- This sale represents 0.97% of SOL's 24-hour trading volume of $4.7 billion.
- SOL is currently trading around $116, with a low of $112 recorded on Thursday.
- The cryptocurrency has been in a downtrend since reaching $295 on January 19.
Focus on Payrolls
- The U.S. jobs data, set to be released at 12:30 GMT, is expected to show an addition of 130,000 jobs in March, a decrease from February’s 151,000.
- The projected unemployment rate for March is 4.2%, up from February's 4.1%.
- Average hourly earnings are forecasted to increase by 0.3% month-on-month.
- A weaker jobs report may support expectations for interest rate cuts, potentially benefiting risk assets like cryptocurrencies.