Solana Bulls Target $200 as Institutions Load Up on Options Bets

Solana’s explosive rally is drawing major interest from institutional traders, who are making aggressive bets that the token will break above $200 by the end of June.

SOL has soared 85% over the past month, far outpacing Bitcoin’s 40% gain, fueled by a broader appetite for risk in both crypto and traditional markets. The token is currently hovering around $176, its highest in months.

In a notable signal of market conviction, block traders have been snapping up June 27 call options on Deribit with a $200 strike. These large trades — often executed by institutions — suggest confidence that Solana still has room to run.

“The biggest block last week was a 50,000-contract buy on the $200 June calls, with a total premium of $263,000,” said Greg Magadini, head of derivatives at Amberdata. “These were acquired with an implied volatility of 84%, which is quite low for SOL, making the timing savvy.”

Options traders use call options to gain upside exposure with limited downside. When demand spikes at a particular strike, market makers often take on negative gamma — meaning they may need to buy more as prices rise and sell as they fall to stay hedged.

That setup can intensify price swings, potentially accelerating gains if SOL pushes toward $200.

The move adds to growing evidence that institutions are returning to crypto markets in force, especially as macro tailwinds and ETF flows push momentum higher across the board.