Institutions Load Up on Solana $200 Calls as Rally Gathers Steam
Solana (SOL) is showing no signs of slowing down as institutional block traders ramp up bullish bets, targeting a continued rally that could push the token beyond the $200 mark before June ends.
The smart contract platform’s native token has surged 85% since April 7 — more than twice Bitcoin’s 40% advance over the same period — recently trading around $176 amid improving risk appetite across crypto and traditional markets.
The sharp momentum has caught the attention of sophisticated traders, who have piled into Deribit-listed call options set to expire on June 27, specifically targeting the $200 strike price.
“Last week’s biggest block trade saw 50,000 June $200 calls go through, totaling $263,000 in premium,” said Greg Magadini, director of derivatives at Amberdata, in a note to clients. “That shows serious conviction that SOL still has room to run.”
On Deribit, one options contract equals one SOL. A call option grants the buyer the right — but not the obligation — to purchase the asset at a set price before expiry, offering leveraged upside potential with limited downside risk.
Importantly, these contracts were scooped up with an implied volatility (IV) of 84% — relatively low for Solana, whose options typically see triple-digit IV. That suggests buyers acted quickly to secure upside exposure before premiums surged.
The heavy demand at the $200 strike has pushed dealers into a net negative gamma position, according to Magadini. That means market makers may now be forced to buy more SOL as its price rises and sell during dips to maintain delta neutrality — a dynamic that tends to amplify price swings.
As a result, volatility could ramp up dramatically if SOL continues its upward march and begins testing the $200 threshold.
