SOL Volatility Analysis for Non-Farm Payrolls, 5th March 2021

Data Analysis

The data released by Bureau of Labor Statistics for Non-Farm Payrolls on 5th March, 2021 has come in at an increase to 509K for February 2021. Compared to the previous release for January 2021 at 365K, we can see that labour market is increasing month over month.

To see the impact and volatility of SOL's price during the Non-Farm Payrolls release, we will first observe the difference in volume and price changes on the 4-hours chart, followed by the 15-minutes chart. Change in prices will be be determined by the high and low prices instead of the opening and closing prices.

4-Hours Chart Analysis

In the period prior to the release, the trading volume was 233,133 SOL with prices swinging between 12.27 and 12.75, representing a swing of 3.76%. Subsequently, the trading volume increased significantly by 123% to 519,764 SOL. Price action ranged from a low of 12.28 to a high of 13.03, a significant difference of 5.76%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 29,598 SOL in trading volume was observed prior to the data release. Prices ranged between a low of 12.66 to a high of 12.75, a 0.71% change. Immediately following, trading volume increased by 47% to 43,469 SOL. At this time, Solana hit a low of 12.60 with a high of 12.74, a significant change of 1.10%.

About Non-Farm Payrolls

Nonfarm payrolls is the measure of the number of workers in the U.S. excluding farm workers and workers in a handful of other job classifications. This is measured by the Bureau of Labor Statistics (BLS), which surveys private and government entities throughout the U.S. about their payrolls. The BLS reports the nonfarm payroll numbers to the public on a monthly basis through the closely followed “Employment Situation” report.