- Greg Magadini of Amberdata, projected, could reach $ 200 in May.
- The interests of the whales was positive but stagnating, with $ 160 as a key obstacle to overcome.
According to the Crypto Amberdata options analysis company, there was higher chances of Solana (soil) Cross $ 200 by the end of May.
In the company’s weekly market report, Greg Magadini, Director of Amberdata derivatives, wrote,,
“The underlying points market will dictate the market for the moment, so I still think that the purchase of these $ 5/30 calls as an excellent way to capture the advantage.”
Call options are bullish bets on future price objectives of an asset (exercise price). On the other hand, the power options are considered to be low -cut bets on the future drop in prices of the assets.
Sol – $ 200 decoding Target Courses
Source: Amberdata
According to Magadini, dealerships (market manufacturers) went to a gamma of $ 200 for a long time, making it a key level to monitor.
However, dealers could not prevent the probable soil rally from reaching the level, because the asset options market was still relatively low compared to the cash market.
In addition, he noted that implicit volatility (future expected swings) had dropped considerably compared to the past few weeks. This meant buying call options now, targeting the end of May, was cheaper and a “decent” game, reiterated Magadini.
“Volatility has dropped a lot … Again, a good argument to have the $ 200 calls for 30 days.”
He also pointed out that the dry and pro-Crypto Dry ETH rotation trend could be rear winds for floor outperformance. Ambcrypto confirmed the Sol / ETH perspectives.
From the start of this cycle at the end of 2023, the Sol / ETH ratio rallied and formed an ascending channel. This meant that Sol has outperformed the ETH in recent months.
Source: Sol / ETH, tradingView
In April alone, soil price performance exceeded ETH about 28%. The trend could remain intact in the coming months or weeks unless the channel is broken.
On the price table, Sol has seen an increase in the interests of whales, as illustrated by the Whale VS Retail Delta indicator has become green.
However, whale positions did not increase as much as the price approached the obstacle by $ 160. For bulls to target $ 200, the resistance of $ 160 must be released.
Source: Hyblock
