Solana’s native token, SOL, has been on a remarkable tear, surging 88% in the past month from under $100 to approximately $170. This rally, which began on April 7, 2025, has significantly outpaced Bitcoin’s 40% gain over the same period. Now, bullish traders are making aggressive bets that SOL will breach the $200 mark before June ends.
Institutional players, known as block traders, have been snapping up large volumes of call options with a $200 strike price, set to expire on June 27. These options give holders the right—but not the obligation—to purchase SOL at $200, signaling strong expectations of further price appreciation.
“Last week, traders initiated long positions on the $200 calls for June expiry. It was the largest block trade, totaling 50,000 contracts at a premium of $263,000,” confirmed Greg Magadini, director of derivatives at Amberdata.
On the Deribit exchange, each contract represents one SOL token, underscoring the scale and confidence behind this wager. Interestingly, these calls were acquired when SOL’s implied volatility was at 84%, notably below its typical triple-digit levels, allowing traders to secure these bullish bets at a relative discount.
The influx of these trades has led to a “net negative gamma” positioning for market makers at the $200 strike. In practical terms, this means they are likely to buy SOL as prices climb and sell when prices dip in order to hedge their exposures. Such positioning can amplify price volatility, especially as SOL approaches critical levels.
“If SOL inches toward $200, market makers may be forced into rapid-fire buying or selling to maintain their books, potentially triggering sharper and more volatile price movements,” Magadini added.
From a technical perspective, SOL’s upward momentum was sparked by a liquidity grab on April 5, fueling its subsequent rally. Since then, the token has decisively broken through key resistance zones—first at $120, then again at $162 on May 8.
Currently, SOL is confronting a fresh resistance barrier near $180. Price action indicates some rejection at this level, suggesting a potential pullback. However, there are no clear signs of a trend reversal yet. Should the $180 resistance hold firm, SOL might revisit the $162 area—now a support zone after its recent breakout—before attempting another leg higher.
Conclusion
With aggressive option bets piling up and technical momentum still in play, Solana’s journey to $200 remains a focal point for traders. However, volatility is expected to intensify as key price levels are tested in the coming weeks.
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