Several large investors, referred to as whales, have recently liquidated SOL tokens worth $46.3 million into the market. This significant offloading is believed to result in a potential price fluctuation of around 6% within the next 24 hours, according to the Volmex’s implied volatility index.

Details include:

• The substantial sell-off happened ahead of the U.S. non-farm payroll (NFP) report expected to be released later in the day.
• The volatility index indicated a 109.70% annualized reading, suggesting a 5.74% anticipated price variation over the next 24 hours.

Additionally, this analysis highlighted the historical context, mentioning that SOL has previously witnessed similar 6% or greater price fluctuations since early March.

Data on Whale activity

Lookonchain, a blockchain analytical tool, tracked the sale and confirmed that the extent of the whale transactions only accounted for 0.97% of the total 24-hour trading volume nearing $4.7 billion. With SOL trading around $116 after hitting a low of $112 the previous day, the cryptocurrency has been on a downtrend since reaching an earlier peak of $295 on January 19.

Upcoming U.S. jobs data

The crucial U.S. employment report, scheduled for release at 12:30 GMT, is anticipated to show an addition of approximately 130,000 jobs for March, a decrease from February’s figures of 151,000 and below the average for the past year of 162,300. Observers predict that a weaker report could bolster expectations for multiple 25-basis-point interest rate cuts this year, potentially influencing the performance of various risk assets, including cryptocurrencies.