SOL Volatility Analysis for Non-Farm Payrolls, 2nd June 2023

Data Analysis

The data released by Bureau of Labor Statistics for Non-Farm Payrolls on 2nd June, 2023 has come in at an increase to 227K for May 2023. Compared to the previous release for April 2023 at 216K, 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 362,742 SOL with prices swinging between 21.04 and 21.30, representing a swing of 1.22%. Subsequently, the trading volume increased by 23% to 446,923 SOL. Price action ranged from a low of 20.95 to a high of 21.28, a difference of 1.55%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 15,597 SOL in trading volume was observed prior to the data release. Prices ranged between a low of 21.23 to a high of 21.30, a 0.33% change. Immediately following, trading volume increased significantly by 558% to 102,702 SOL. At this time, Solana hit a low of 21.07 with a high of 21.28, a significant change of 0.99%.

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.