Solana Options Traders Target $200 as SOL Surges 85% and Institutions Bet on Further Upside
Solana’s native cryptocurrency SOL has experienced a sharp 85% rally over the past four weeks, substantially outperforming bitcoin and Ethereum. Crypto analytics firm Amberdata previously forecast that SOL could reach $200 by May 2025, citing increased interest in $200 strike call options and noting the $160 resistance as a pivotal level for near-term price action. Newer developments show institutional block traders aggressively purchasing the $200 call options expiring June 27 on Deribit, indicating strong expectations that SOL could surpass the $200 mark before the end of this month. Last week alone, 50,000 call contracts traded—totaling $263,000 in premiums—with annualized implied volatility at 84%, which is below SOL’s historical averages. This heightened demand for call options has resulted in significant negative gamma exposure for option market makers, likely increasing price volatility as they hedge their positions, particularly if SOL crosses $200. Meanwhile, the ongoing rotation from Ethereum to Solana and supportive regulatory sentiment from the SEC provide additional tailwinds. Crypto traders should closely monitor the critical $160 and $200 levels as institutional bullish sentiment and derivatives activity point to further volatility and possible short-term upside for SOL.
Bullish
SOL’s recent 85% surge, aggressive institutional buying of $200 call options, and high open interest indicate strong bullish sentiment and expectations for further upside. The combination of lower-than-average implied volatility, significant negative gamma exposure among market makers, and active derivative trading creates the potential for higher short-term price swings, especially if SOL crosses key levels such as $200. Historical outperformance compared to Ethereum and positive regulatory signals further support the bullish outlook, suggesting heightened upward potential for SOL in the near term.