It has been an increasingly volatile year for cryptocurrency traders, although things took a major turn on Monday. With the market turning around, there is a host of tokens with a bright future ahead. Among them is Solana, where SOL block traders are betting to reach the $200 mark by June.
Solana traders have been buying into a $200 call option for SOL that expires on June 27th. Indeed, that reinforces the belief that the asset will continue to increase and ride the wave that has made it one of the best-performing cryptos of the year thus far.
Also Read: SOL Strategies Purchases 122,524 Solana (SOL) worth $20 Million
Solana Block Traders Expect $200 Mark to Come to Fruition by June?
Monday saw the United States and China ease tensions with a major tariff pause deal. Indeed, both sides agreed to halt the import tax duty increase for a 90-day period, igniting belief that a trade deal could soon be on the horizon. The announcement was huge for the US stock market, pushing the S&P 500 to a two-month high.
It also provides increased clarity for financial markets in general. That should be of benefit to the cryptocurrency sector, with a host of assets looking to find extended momentum. One token that many are expecting to surge is Solana, with block traders buying in on call options for SOL to reach $200 by June.
Also Read: CME Group to Officially Launch Solana (SOL) Futures
Solana fell less than 0.2% on Monday, trading at the $171 mark by midday, according to CoinMarketCap. However, that reversed a 17% increase that has taken place over the last seven days, while SOL is up more than 32% in the last month. Those increases are not expected to stop, according to block traders, or those who execute large trading orders over the counter and outside of public order books.
Since April 17th, Solana is up 85% and outpacing Bitcoin’s jump to above the $103,000 mark. Now, a Deribit-listed June 27th expiry has been grabbed up by these traders, according to a CoinDesk report. The move shows faith has increased in Solana, and if they’re right, it should continue to be one of the best-performing tokens of the year.