Solana (SOL) Surges 85% in Four Weeks as Traders Bet on $200 Breakout

Solana (SOL), the native token of the Solana blockchain, has soared 85% in just four weeks since April 7—more than twice Bitcoin’s 40% gain over the same period, according to CoinDesk data. The rally, fueled by increased risk appetite across both crypto and traditional markets, pushed SOL to recent highs near $176.

Institutional traders appear confident the rally will continue. Deribit data shows heavy interest in June 27 expiry SOL $200 call options, indicating expectations that SOL could surpass that level by the end of June. Amberdata’s Greg Magadini reported that the largest block trade last week involved 50,000 contracts purchased for $263,000 in premium. Each contract equals one SOL, signaling strong upside bets.

These call options were bought when SOL’s annualized implied volatility (IV) was 84%, below its typical triple-digit levels, suggesting traders seized a favorable pricing window. A call option grants the right to buy an asset at a set price by a certain date, representing a bullish market view.

Demand for the $200 strike has left market makers with significant negative gamma exposure, meaning they may need to buy as SOL rises and sell as it dips to hedge their positions. This dynamic could intensify price swings if SOL approaches or crosses the $200 mark.

With rising volatility and strategic positioning by large traders, the momentum for SOL may continue building, making the $200 level a key price to watch in the coming weeks.