Solana Bull Call Spread on Deribit Signals $400 Target by February End

A notable Solana (SOL) options block trade on Deribit late Monday, executed via the Paradigm OTC network, indicates a strong expectation for SOL to hit $400 by the end of February.

The trade was structured as a bull call spread, where a long position was taken in the $280 call while a short position was placed in the $400 call, with 10,000 contracts on each leg, both set to expire on February 28, according to data tracked by Amberdata. This large block trade is seen as a reflection of institutional sentiment, suggesting confidence in SOL outperforming under Donald Trump’s presidency.

In a bull call spread, the maximum profit is achieved when the underlying asset’s price reaches or exceeds the short call’s strike price. In this case, the maximum profit would occur if SOL hits or surpasses $400, signaling that the buyer is expecting a 55% price surge from $257 within the next month. The position is betting that SOL will move beyond the $280 level, potentially reaching $400, with a breakeven point around $300, according to Greg Magadini, Director of Derivatives at Amberdata.

This trade indicates a bullish outlook for Solana, suggesting that traders expect significant upward price movement before the end of February.