The options market for Solana's SOL token on Deribit has become active, with whales engaging in bearish bets as the token's price continues to decline ahead of a multi-billion dollar unlock. Last week, SOL block trades accounted for 25% of total options activity, the second-highest proportion on record. The majority of the block trades were put options, indicating a preference for hedging against a potential price slide. The outlook for SOL appears grim, with a decline in daily transactions and volume on Solana-based decentralized exchanges. The impending token unlock on March 1, which represents 2.29% of the total supply, is also expected to create market volatility and increase hedging flow in put options.



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