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Solana volatility and risk: how violent it has been

2,286 daily moves since 11 Aug 2020. On a typical day SOL moves 2.9% in one direction or the other; on 1 day in 20 it has lost more than 8.1%, and its deepest fall from a record close was −96%.

Volatility, last 30 days55%annualised · last 365 days: 62%
Volatility, whole history113%annualised, since 2020
Typical daily move2.9%half of all days moved less, up or down
Bad day, 1 in 20−8.1%1 in 100: −13.6%
Days moving 5% or more27%10% or more: 8%
Deepest fall from a record−96%6 Nov 2021 to 29 Dec 2022
Days that closed higher50%of 2,286
Longest losing streak9 daysending 17 Sep 2021

Volatility is the standard deviation of daily log returns multiplied by the square root of 365, the usual way to put it on a yearly scale. “1 in 20” and “1 in 100” are the 5th and 1st percentiles of all daily moves, read straight from the history with no model.

The 10 largest one-day falls, and what followed

DayMoveClose7 days later30 days later
9 Nov 2022−42.2%$14.08+1.3%−3.5%
19 May 2021−37.5%$34.99+1.3%+5.2%
5 Sep 2020−26.2%$2.61+27.9%+1.8%
21 Jun 2021−24.6%$26.59+24.1%+0.4%
11 May 2022−23.9%$50.90−1.9%−27.0%
23 May 2021−21.4%$24.54+16.5%+9.9%
3 Mar 2025−20.5%$142.2−16.8%−17.4%
22 May 2021−19.8%$31.22−12.3%−14.8%
23 Dec 2020−19.6%$1.20+28.1%+178.4%
21 Jan 2021−19.6%$2.99+27.4%+234.0%

After these 10 falls, SOL was higher a week later in 7 of 10 cases and higher 30 days later in 6 of 10. 10 hand-picked extremes are an anecdote, not a test. The full count is on the 10% drop in a day study: 40 scored cases, verdict “no better than chance”.

The 10 largest one-day gains, and what followed

DayMoveClose7 days later30 days later
9 Sep 2020+45.9%$3.60−29.6%−29.7%
8 Jan 2021+36.3%$3.22+0.8%+107.9%
6 Nov 2020+35.6%$1.90+6.0%−2.6%
14 Jan 2023+32.5%$24.24+1.4%−14.3%
22 Feb 2021+30.2%$14.42+3.9%−5.7%
18 Apr 2021+30.1%$32.34+46.6%+73.1%
24 May 2021+28.0%$31.42+4.2%−1.8%
19 Feb 2021+28.0%$11.49+18.3%+24.8%
20 May 2021+27.0%$44.42−24.0%−20.8%
10 Nov 2022+25.4%$17.66−22.7%−23.1%

After these 10 gains, SOL was higher a week later in 7 of 10 cases and higher 30 days later in 3 of 10. The full count is on the 10% jump in a day study: 71 scored cases, verdict “weak evidence”.

Moves are from one daily close to the next (00:00 UTC), Binance spot. “Open” means that many days have not passed yet.

Solana and Bitcoin

Over the last 365 days SOL has moved very closely with Bitcoin: the correlation of their daily moves is 0.87, where 1 means in step and 0 means unrelated. For each 1% Bitcoin moved in a day, SOL moved about 1.23% on average.

PeriodDaysCorrelationMove per 1% of Bitcoin
Last 90 days900.871.25%
Last 365 days3650.871.23%
All shared history2,2860.581.15%
Days Bitcoin fell 3% or more234median: BTC −4.5%, SOL −5.9%
SOL fell further than Bitcoin67%of those days
Days Bitcoin rose 3% or more269median: BTC +4.7%, SOL +5.0%
SOL rose further than Bitcoin53%of those days

Daily close-to-close moves on the 2,286 days both pairs traded. What SOL did in the week after a Bitcoin shock is tested separately: after Bitcoin drops 5% in a day.

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