SOL Volatility Analysis for Non-Farm Payrolls, 2nd February 2024

Data Analysis

The data released by Bureau of Labor Statistics for Non-Farm Payrolls on 2nd February, 2024 has come in at a decrease to 119K for January 2024. Compared to the previous release for December 2023 at 269K, 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 732,199 SOL with prices swinging between 100.55 and 102.57, representing a swing of 1.97%. Subsequently, the trading volume increased significantly by 127% to 1.659M SOL. Price action ranged from a low of 98.32 to a high of 102.20, a significant difference of 3.80%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 26,945 SOL in trading volume was observed prior to the data release. Prices ranged between a low of 101.13 to a high of 101.73, a 0.59% change. Immediately following, trading volume increased significantly by 947% to 282,048 SOL. At this time, Solana hit a low of 99.37 with a high of 101.63, a significant change of 2.22%.

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.