Solana's SOL Token Faces Potential Price Volatility Amid U.S. Payroll Report

According to CoinDesk, Solana's SOL token is anticipated to experience a price fluctuation of nearly 6% following significant sell-offs by large investors, commonly referred to as whales, ahead of the U.S. non-farm payroll (NFP) report expected later today. This prediction is based on Volmex's one-day implied volatility index (IV) for SOL, which currently indicates an annualized reading of 109.70%. This suggests an expected 24-hour price volatility of 5.74%. Such a movement is considered moderate, especially given that the cryptocurrency has seen several days of 6% or higher volatility since early March. Data from blockchain analysis firm Lookonchain reveals that several whales have unstaked and sold SOL worth $46.3 million in the market. Typically, large-scale selling by whales can lead to bearish price movements. However, the amount sold today represents only 0.97% of the cryptocurrency's 24-hour trading volume of $4.7 billion. As a result, SOL is trading relatively unchanged at approximately $116, after hitting a low of $112 on Thursday. Overall, the cryptocurrency has been in a downward trend since reaching a peak of $295 on January 19. Attention is now focused on the upcoming U.S. jobs data, scheduled for release at 12:30 GMT. The report is expected to show that the economy added 130,000 jobs in March, a slowdown from February's 151,000 and significantly below the 12-month average of 162,300, according to FactSet. The median estimate for the unemployment rate in March is 4.2%, the highest since November, and up from February's 4.1%. Average hourly earnings are projected to have increased by 0.3% month-on-month, consistent with February's growth rate. A weaker-than-expected jobs report could support renewed expectations for four 25-basis-point interest-rate cuts this year, potentially boosting risk assets, including cryptocurrencies.