Whales Go Wild: Solana’s SOL Price Could Swing Like a Drunken Sailor! 🐋💰

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What to know:

  • In the next 24 hours, Solana’s SOL token might just dance around with a 6% price swing, as the wise folks at Volmex suggest.
  • Whales, those big fish in the crypto sea, decided to dump their coins early today. 🐳💸
  • U.S. job data is lurking around the corner, ready to stir the pot of interest-rate cut expectations, which could send crypto prices on a rollercoaster ride.

Ah, the tale of Solana’s SOL token, poised like a cat on a hot tin roof, ready for a potential price swing of nearly 6%. This comes after some hefty investors, affectionately known as whales, decided to offload their treasures just before the U.S. non-farm payroll (NFP) report drops later today. Talk about timing! ⏰

According to the crystal ball of Volmex’s one-day implied volatility index (IV) for SOL, the reading stands at a staggering 109.70%. This means we can expect a 24-hour price volatility of 5.74%. (For those keeping score, that’s the annualized volatility divided by the square root of 365, the number of trading days in a year. Math, folks! 📊)

Now, a movement of that size is like a gentle breeze in the world of crypto, especially since SOL has been known to throw tantrums of 6% or more since early March, as CoinDesk’s data reveals. So, brace yourselves, the market is likely to be as volatile as a soap opera plot twist, but nothing we haven’t seen before.

Whale selling

According to the blockchain detectives at Lookonchain, several whales have unstaked and dumped SOL worth a whopping $46.3 million into the market. That’s a lot of fishy business! 🐟💰

Now, when these big players offload their coins, it often leads to a bearish price action. But fear not! The amount sold today is just 0.97% of the cryptocurrency’s 24-hour trading volume of $4.7 billion. So, SOL is hanging in there, trading around $116, having dipped to a low of $112 on Thursday. It’s been a rough ride since it peaked at $295 on January 19. Poor thing! 😢

Focus on payrolls

The U.S. jobs data, set to be unveiled at 12:30 GMT, is expected to show that the economy added 130,000 jobs in March. That’s a slowdown from February’s 151,000 and well below the 12-month average of 162,300, according to the wise folks at FactSet.

The median estimate for the jobless rate for March is 4.2%, the highest since November, creeping up from February’s 4.1%. Average hourly earnings are forecasted to have risen by 0.3% month-on-month, keeping pace with February’s numbers. 🕰️

If the figures come in weaker than expected, we might just see a renewed pricing for four 25-basis-point interest-rate cuts this year, which could send risk assets, including our beloved cryptocurrencies, soaring to the moon! 🚀

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2025-04-04 11:01