SOL Set for Sharp Move as Whales Sell $46M Ahead of U.S. Jobs Data

Solana’s native token, SOL, may be primed for a near-term price swing of 5.7%, driven by increased whale selling and heightened market anticipation ahead of Friday’s key U.S. labor report.

Volatility Expectations

According to data from Volmex, the one-day implied volatility index for SOL currently stands at 109.70% annualized, pointing to an expected 24-hour move of 5.74%. The estimate reflects standard calculations based on trading days and recent market behavior, placing the projected movement within a historically typical range.

Whale Activity Highlights Caution

Blockchain analytics platform Lookonchain has reported that several large holders unstaked and sold a combined $46.3 million in SOL over the past day. While such activity often signals bearish sentiment, the total value moved amounts to just 0.97% of SOL’s 24-hour trading volume of $4.7 billion, suggesting limited systemic impact.

At press time, SOL is trading at $116, having bounced back slightly from a Thursday low of $112. The asset remains in a gradual downtrend after peaking at $295 on January 19.

Attention Turns to Jobs Report

Markets are now focused on the non-farm payrolls (NFP) report, due for release at 12:30 GMT. Analysts project that the U.S. added 130,000 jobs in March, a slowdown from February’s 151,000 and below the annual average of 162,300. The unemployment rate is expected to tick up to 4.2%, while average hourly earnings are forecast to rise 0.3%.

A weaker-than-expected reading could fuel bets on four 25-basis-point interest rate cuts by the Federal Reserve in 2025 — a scenario historically supportive of crypto markets and other risk assets.