Solana's SOL token may face a price swing of nearly 6% as large investors offload millions in holdings just hours before the release of key U.S. job data. The move signals heightened market uncertainty, with traders bracing for potential volatility depending on how the employment numbers impact interest rate expectations.
Blockchain data from Lookonchain reveals that several whales unstaked and sold $46.3 million worth of SOL early today. While large-scale liquidations often trigger bearish momentum, this particular sell-off represents only 0.97% of SOL’s 24-hour trading volume ($4.7 billion).
Despite the whale activity, SOL is currently trading around $116, after briefly dipping to $112 on Thursday. However, the token remains in a downtrend since reaching its yearly peak of $295 on January 19.
According to Volmex’s implied volatility index, SOL’s one-day volatility is projected at 5.74%, indicating the potential for notable price movement within the next 24 hours. While such fluctuations are significant, they remain within the range of recent SOL price swings, which have frequently exceeded 6% since early March.
The U.S. non-farm payroll (NFP) report, set for release at 12:30 GMT, is expected to show that the economy added 130,000 jobs in March—a slowdown from 151,000 in February and well below the 12-month average of 162,300.
Economists predict an unemployment rate of 4.2%, the highest since November, alongside 0.3% wage growth month-over-month, mirroring February’s pace.
If job numbers come in weaker than expected, markets may increase bets on multiple Fed rate cuts in 2025. This could boost risk assets, including cryptocurrencies like SOL, as investors anticipate a more favorable liquidity environment.
With whales exiting positions and macroeconomic factors at play, traders should brace for heightened SOL price action in the short term.
