Solana Eyes Nearly 6% Price Swing as Whales Unload Ahead of U.S. Jobs Report
Solana’s native token, SOL, could see a price fluctuation nearing 6%, following significant whale activity and ahead of the anticipated release of U.S. employment data later today.
Volatility Expectations Rise
According to Volmex’s one-day implied volatility index (IV) for SOL, market participants are bracing for short-term price turbulence. The index currently shows an annualized volatility of 109.70%, translating to a 24-hour implied move of 5.74%. (This figure is derived by dividing the annualized volatility by the square root of 365.)
While notable, this level of volatility is in line with recent behavior. SOL has recorded multiple days with price swings exceeding 6% since early March, indicating that today’s anticipated movement falls within a familiar range.
Whale Activity Sparks Concern
On-chain data from Lookonchain reveals that several whale addresses unstaked and sold off SOL worth $46.3 million, adding pressure to the market. Large-scale sell-offs from major holders are often seen as bearish indicators, potentially weighing on price action.
However, the amount offloaded accounts for just 0.97% of SOL’s 24-hour trading volume of $4.7 billion, softening its immediate impact. As a result, SOL remains relatively stable, trading near $116 after briefly dipping to $112 on Thursday. Still, the token continues to trend downward after peaking at $295 on January 19.
Market Eyes U.S. Jobs Report
Investors are now turning their attention to the non-farm payrolls (NFP) report, due at 12:30 GMT. Economists expect the U.S. economy to have added 130,000 jobs in March, down from 151,000 in February, and below the 12-month average of 162,300, per FactSet.
The unemployment rate is projected to rise to 4.2%, marking its highest level since November. Average hourly earnings are forecast to increase 0.3% month-over-month, consistent with February’s gain.
Should the data come in weaker than expected, it could reinforce market expectations for the Federal Reserve to implement four 25-basis-point rate cuts this year — a move that could boost risk assets, including cryptocurrencies like SOL.
