Solana Traders Bet Big on SOL Price Hitting $200 in June

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Well, well, well… it seems Solana’s native token, SOL, has decided to treat its traders to a little thrill ride. The price has soared a staggering 88% in just four weeks, leaping from below $100 to a comfortable $170. One could almost call it the “comeback of the century,” though I’m sure Bitcoin would politely disagree. This remarkable surge began on April 7, 2025, and naturally, SOL has managed to outshine Bitcoin’s modest 40% increase during the same period. Now, the big shots of the trading world have placed their bets, predicting that SOL will hit $200 before June bids us farewell.

“Traders are feeling a little too confident about this $200 mark, having gone long on the June expiration last week,” quipped Greg Magadini, Amberdata’s director of derivatives. In a fittingly dramatic email, he revealed, “This was the biggest block trade of the week, totalling 50,000 contracts for a whopping $263,000 premium.”

For those of you less versed in the art of contracts, let’s put it simply: one contract on Deribit equals one SOL. So, a trade this large? It’s basically a “we’re all in” declaration. These traders wisely chose to purchase these calls when implied volatility sat at a comfortable 84%—lower than SOL’s usual triple-digit circus. Essentially, they managed to snag a bargain, making them look like the cleverest traders in the room (for now, anyway).

So what happens when SOL inches closer to $200? Oh, just a little thing called chaos. With so many traders involved, expect some frantic buying and selling, which may push the price higher or have it bouncing about like a jack-in-the-box on a sugar rush. It’s all quite thrilling if you’re into high-stakes games, but perhaps less enjoyable if you suffer from heart palpitations.

Looking at the chart (because, naturally, we must look at charts), SOL’s liquidity plunge on April 5 provided the momentum it needed to break through two resistance levels: first at $120, and then at the more recent $162 on May 8. It’s a bit like watching a skilled gymnast clearing hurdles, only to land gracefully on another one. So now, SOL is testing the $180 resistance level, with a slightly confused chart showing signs of rejection, hinting at a possible reversal. But don’t pop the champagne just yet, as there’s no solid confirmation that the trend is about to change. Should the price fail to break this new resistance, it may retreat back to $162—now a support zone—before it revs up for another run. How exciting!

Stay tuned. Who knows? We may all be laughing—or crying—by the time June rolls around.

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2025-05-13 00:56