SOL Volatility Analysis for Non-Farm Payrolls, 6th May 2022

Data Analysis

The data released by Bureau of Labor Statistics for Non-Farm Payrolls on 6th May, 2022 has come in at a decrease to 305K for April 2022. Compared to the previous release for March 2022 at 471K, we can see that labour market is still increasing but slowed 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 472,313 SOL with prices swinging between 80.40 and 83.65, representing a swing of 3.89%. Subsequently, the trading volume increased considerably by 82% to 859,753 SOL. Price action ranged from a low of 79.98 to a high of 83.20, a difference of 3.87%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 41,693 SOL in trading volume was observed prior to the data release. Prices ranged between a low of 80.81 to a high of 82.05, a 1.51% change. Immediately following, trading volume increased considerably by 79% to 74,488 SOL. At this time, Solana hit a low of 81.79 with a high of 83.07, a change of 1.54%.

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.