Solana’s Sol-Token is ready for a potential price swing of almost 6%after some major investors or whales dumped their inventory in front of the US report on non-farm wages (NFP) that was going to be later Friday.
This estimate comes from Volmex’s one-day implicit Volatility Index (IV) for sun. At the time of the press, the index showed a one-day reading annually at 109.70%, indicating an expected 24-hour award volatility of 5.74%. (The daily figure is derived by sharing the annual volatility with the square root of 365, the number of trading days a year.)
A movement that size represents moderate volatility, especially considering that cryptocurrency has experienced several days of 6% or higher volatility since the beginning of March, according to Coindesk data.
In other words, the market is probably unstable but nothing unusual.
Whale sales
Data Tracked by Blockchain Sleuth Lookonchain shows several whales that are not supported and dumped sun worth $ 46.3 million on the market.
Large offoading of coins of whales often leads to bearish price action. However, the amount sold early to 0.97% of Cryptocurrency’s 24-hour trading volume of $ 4.7 billion.
So it’s no surprise that sun is shopping a little changed to about $ 116, after printing a low level of $ 112 on Thursday. Basically, cryptocurrency has been in a downturn since he reached a highlight of $ 295 on January 19th.
Focus on wages
The US Job Data, scheduled for release at 1 p.m. 12:30 GMT, is expected to reveal that the economy added 130,000 jobs in March, slowdown from February 151,000 and well under the 12-month average of 162,300, according to the fact.
The median estimate for the unemployed rate for March is 4.2%, the highest since November and up from February’s 4.1% reading. The average hourly earnings are expected to have increased 0.3% month to month, matching February’s pace.
A weaker than expected figure is likely to validate renewed prices for four 25-base-point interest rates this year, which potentially sends risk assets, including cryptocurrencies, higher.
