- Deribit, the world’s largest cryptocurrency derivatives exchange, has announced the launch of options for three altcoins: Solana (SOL), XRP, and Polygon (MATIC).
- Traders were confident that the SOL price would surpass at least $155 by March 13, and today, the SOL price reached $155.
- Open positions in Solana futures increased by 5% in the last 24 hours, reaching $2.41 billion. The open position in SOL futures has been consistently rising in the last hour on Binance, Bybit, and OKX.
Crypto derivatives exchange Deribit announced that it will launch options for Solana, XRP and Polygon; Here are the details of the options!
Deribit Prepares to Launch Options for Altcoins
Cryptocurrency derivatives exchange Deribit has announced the launch of options for three altcoins: Solana (SOL), XRP, and Polygon (MATIC). Solana’s price reached a new 2-year high of $155 on the day Deribit introduced SOL to the market on Monday, and the first few traders made optimistic calls.
Linear trading for XRP and Polygon (MATIC) options started on Deribit at UTC 8:00 on March 12. These new option markets will all use USDC as the payment currency instead of the base currency. This is different from Deribit’s existing BTC and ETH inverse options, which use the underlying currency as collateral.
Deribit stated that this is its latest step in providing quality products and deep liquidity. Additionally, using USDC as the settlement currency has advantages such as trading on different altcoin options, reducing the need for hedging compared to BTC and ETH, and simplifying profit and loss calculations.
Luuk Strijers, Deribit’s Head of Trading, said, “This eliminates the need to balance collateral while holding positions on multiple altcoins like Solana, MATIC, and XRP, reduces the need for hedging for those looking to maintain a stable USD position, and simplifies profit and loss calculations.”
XRP, MATIC, SOL Target Prices
Deribit announced that the first few transactions in Solana options on March 11 had calls with a strike price of $180. This indicates that traders expect a more than 20% increase in SOL price by March 29. Traders were confident that the SOL price would surpass at least $155 by March 13, and today, the SOL price reached $155. Solana’s current price is around $152.04, showing a 3% increase in the last 24 hours.
Furthermore, open positions in Solana futures increased by 5%, reaching $2.41 billion in the last 24 hours. The open position in SOL futures has been consistently rising in the last hour on Binance, Bybit, and OKX, indicating a bullish outlook for SOL price between $170-$180.
On the other hand, the first few trades in XRP options had calls with strike prices of $0.74 and $0.90, while puts had a strike price of $0.69. Traders expect XRP’s price to reach $0.90 by March 29. In fact, XRP futures data also showed significant bullish sentiment. Total open interest in XRP futures increased by over 25%, recording an increase of more than $1 billion in the last 24 hours. XRP futures open interest on Binance nearly reached $372 million, experiencing a 32% increase.
XRP’s price is currently trading around $0.694, showing an 11% increase in the last 24 hours. The 24-hour high and low values are $0.742 and $0.617, respectively.
On the other hand, option transactions for Polygon (MATIC) have the highest number of calls with strike prices of $1.2, $1.4, and $1.6. According to Deribit transactions, the likelihood of a rally for MATIC is lower due to equally strong put open interests. The total open interest in MATIC futures decreased by over 5%, reaching $362.68 million.
MATIC’s price dropped nearly 2% in the last 24 hours and is currently trading around $1.19. The 24-hour low and high values are $1.17 and $1.25, respectively. Additionally, trading volume decreased by 25%. Investors should conduct their own research before making investment decisions based on the mentioned data.
