- Solana faces a potential 6% price swing after whales offloaded $46 million in tokens ahead of crucial U.S. jobs data.
- Traders are bracing for volatility, with a sharp price movement expected in the coming 24 hours.
Solana (SOL) is bracing for a potential 6% price swing in the coming 24 hours, as traders anticipate heightened volatility. This comes after whales sold off approximately $46 million worth of SOL tokens ahead of critical U.S. jobs data, due to be released on Friday. Blockchain data from Lookonchain revealed that several large holders unstaked and dumped millions in tokens early Friday morning, fueling concerns that the market could face a sharp price movement in either direction.
While this whale sell-off represents just 0.97% of the day’s $4.7 billion trading volume, such movements often act as a red flag. Historically, whale-driven sell-offs have contributed to significant price changes, especially when coupled with weak sentiment. Despite this, Solana’s price has remained relatively stable, holding steady near $116 after a dip to $112 on Thursday. However, this marks a continuation of a broader downtrend that has seen SOL’s price tumble from its January high of $295.
What’s Behind the Volatility?
Traders are closely watching Solana’s one-day implied volatility index, which is sitting at an annualized 109.70%. This indicates a potential 5.74% price swing in either direction within the day. While this isn’t massive, it is still enough to keep short-term traders alert. Volatility trackers are suggesting that traders should be prepared for a turbulent period, with the U.S. jobs report likely to have a significant impact on the market’s direction.
Since early March, Solana has experienced several daily price moves of 6% or more, making these swings somewhat common. However, the current macroeconomic backdrop, with the upcoming jobs data, could cause even greater fluctuations in the coming days.
Solana: What’s Next
With volatility spiking and large holders moving their positions, the next 24 hours are critical for Solana. Whether the price will surge or dip largely depends on how traders react to the release of the jobs data and the broader market sentiment. Given its history of sharp price movements, SOL investors should be prepared for anything as the situation develops.
As always, traders and investors will need to stay vigilant, as Solana continues to navigate these turbulent waters.
