A 6% movement may come before US data due to the impact of Whales on Solana! - Coin Bulletin

Solana’s native token SOL may experience a price surge of approximately 6% in the next 24 hours due to heavy selling by large investors ahead of the U.S. employment data.

The cryptocurrency market’s closely monitored token, Solana (SOL), is entering a critical day. Especially before the non-farm payroll (NFP) data to be released today in the US, market activity has started to increase. According to data provided by Volmex, SOL’s one-day implied volatility has risen to %109.70. This figure indicates that the token is expected to experience a price movement of approximately %5.74 in the next 24 hours.

This market activity is largely driven by the sell-offs of whales. According to the blockchain analytics platform Lookonchain, large investors released a total of $46.3 million worth of SOL tokens from staking into the market earlier in the day.

This amount corresponds to 0.97% of SOL’s trading volume in the last 24 hours. However, the fact that these sales have not had a significant downward impact on the price may indicate that the market was anticipating this move. SOL is currently trading at approximately $116 and fell to $112 yesterday.

How do US data affect SOL?

The US non-farm payroll data, which will be announced today at 15:30 TSİ, is expected to show an increase of approximately 130 thousand new jobs added to the economy in March. The unemployment rate is expected to rise to 4.2%. A data release below expectations could strengthen forecasts that the FED will make four interest rate cuts this year, and this situation could positively impact the prices of risky assets like SOL.