Crypto Options Daily Insights: Altcoin Volumes & Sentiment (16 September 2025) | by PowerTrade/PowerDEX | Sep, 2025
10 hours ago
Bullish vibes are running high in the altcoin options market. Calls dominated trading yesterday for major tokens like XRP, Dogecoin, Solana, and Ethereum — signaling that traders are positioning for upside moves. In this daily insight, we’ll break down why crypto options are the go-to tool for savvy traders, interpret key technical signals like RSI momentum, and recap yesterday’s option flow for these altcoins. By the end, you’ll see how options can empower you to profit in volatile markets with defined risk and why platforms like PowerTrade CEX and PowerTrade DEX offer the best avenues to trade these strategies. Let’s dive in!
Why Focus on Crypto Options?
Traditional crypto markets like perpetual futures and spot trading expose traders to significant risks and limitations. A perpetual futures contract moves almost one‑for‑one with the underlying asset’s price — which means a sudden violent move can wipe out your entire collateral via liquidation. Spot trading is safer (no leverage involved), but your upside is limited strictly to price appreciation of the asset you hold. In contrast, options give you the right (but not the obligation) to buy or sell an asset at a fixed price before a set expiry. This means your maximum loss is capped at the premium you pay — even if the market goes against you, you can simply let the option expire worthless and walk away. No margin calls, no liquidations; your risk is defined upfront.
Options come in two flavors: calls (which profit from rising prices) and puts (which profit from or hedge against declines). You can use calls to speculate on upside or use puts as insurance against your holdings dropping in value. If the market moves against your position, the worst-case scenario is losing the premium you paid, nothing more. This flexibility makes options a powerful tool for seeking asymmetric returns without the wipeout risk that leveraged futures carry. In short, options let you participate in big market moves with limited downside, which is especially valuable in crypto’s wild swings.
Moreover, options enable creative strategies that simply aren’t possible with one-dimensional spot or perp trades. You can profit from any direction — up, down, or even sideways — by combining calls and puts into spreads, straddles, or other multi-leg strategies. For example, not sure if an upcoming event will pump or dump an altcoin? Buy a straddle (call + put) to profit from a big move either way. Expecting a coin to stay range-bound? Sell options and earn income from premiums. This strategic flexibility means you can tailor your risk/reward profile to your exact market view. In essence, crypto options let you play both offense and defense at the same time, offering a versatile and capital-efficient way to trade that traditional spot and futures markets can’t match.
Understanding the RSI (Relative Strength Index)
Before we dive into the option flows, it helps to gauge whether each underlying asset might be overbought or oversold — and that’s where the Relative Strength Index (RSI) comes in. RSI is a popular momentum oscillator that measures the speed and magnitude of recent price changes. It oscillates on a scale from 0 to 100, comparing average gains to average losses over a given look-back period (often 14 days) to indicate momentum. Typically, an RSI above 70 suggests an asset is overbought (price has run up quickly and may be due for a pullback), while an RSI below 30 signals an oversold condition (price may be due for a bounce). Traders often use RSI as a sanity check alongside options data — for instance, if there’s heavy call buying on an altcoin that’s already overbought on RSI, it might caution that the bullish move is overstretched. Conversely, put buying on an oversold asset could indicate hedging or expectation of a relief rally. We’ll note the RSI context for each asset below to add color to yesterday’s option flows.
Yesterday’s Option Flow and Market Snapshot
On 15 September 2025, our team analyzed all option trades on four popular altcoins: XRP, DOGE, SOL, and ETH. The table below summarizes the volume of contracts traded, the split between calls and puts, the approximate notional value (in USD) of those trades, and a quick sentiment read. “Call share” and “Put share” refer to the percentage of volume in call options vs. put options, respectively.
As shown above, call option volume vastly outweighed puts for all these assets — a clear risk-on tone in the options market, with traders largely betting on price increases. However, the RSI and other context suggest some nuance: for example, Dogecoin’s RSI reading around 74 hints it was entering overbought territory even as call buyers piled in, whereas Solana’s RSI near 53 indicated more neutral momentum. Now, let’s break down each asset’s market setup and what the options activity might be signaling.
XRP — Testing Resistance Amid a Call Frenzy
Ripple’s XRP saw an explosion of bullish options activity. The token’s price was hovering near $3.08, just shy of a $3.12 resistance zone it had tested multiple times. On the daily chart, XRP is approaching the 0.382 Fibonacci retracement level at $3.08, with sellers actively defending a descending trendline and heavy resistance around $3.18–$3.20. In other words, the $3.18 area (coinciding with a major Fib level and trendline) is the barrier the bulls need to bust through for the rally to continue. On the support side, XRP has solid footing near $2.97 (its 20-day EMA) and around $2.81 (50-day EMA), with a deeper safety net at $2.56 (200-day EMA) if things really pull back. Overall, the price is consolidating in a range, coiling up power just below a critical resistance cluster. Notably, market sentiment got a boost from fundamental news: Chase Bank’s announcement that it will accept XRP payments — a milestone hinting at growing institutional adoption of Ripple’s technology. This news injected optimism into the market (XRP briefly popped higher on the headline), although it hasn’t yet translated into a clear technical breakout.
Options traders reacted in force: nearly every XRP options contract traded yesterday was a call. We saw about 333,612 call contracts vs. only 2 put contracts — that is as close to unanimous bullish speculation as it gets, totaling roughly $1.02 million in notional call volume. This call frenzy suggests traders were aggressively positioning for a potential upside breakout above the $3.12-$3.18 resistance zone. The one-sided flow (“99.999% calls”) screams bulls chasing upside. However, it’s worth noting an interesting contrast: open interest (all existing outstanding options) paints a more cautious picture. Only about 33.8% of XRP’s total open interest is in call options, while the remaining ~66% are puts (primarily longer-dated hedges). In other words, bigger players still have their parachutes on — a majority of outstanding XRP options are protective puts, likely held as insurance against a price drop. This implies that despite the short-term flurry of bullish bets, there’s still substantial hedging in place by institutions or large holders who remember XRP’s volatility.
From a momentum standpoint, we didn’t have enough intraday XRP trades to compute a reliable RSI for yesterday (hence “n/a” in the table), but overall indicators were relatively neutral going into the resistance test. What’s the takeaway? XRP is at a make-or-break level: if it can clear ~$3.20 decisively, it could ignite another leg higher (we’d likely see call buyers quickly in the green). In fact, a breakout above $3.18–$3.20 could open the path toward the next Fibonacci levels around $3.30 and beyond. But if the ceiling holds, all those short-dated call buyers may face an expiry with no payoff, and we could see price drift back toward support (with profit-taking kicking in). Traders appear confident enough to bet on near-term upside, but given the heavy longer-term put OI, caution is still in the air. Bottom line: XRP’s option market is exuberantly bullish in the short term — keep an eye on that $3.18 barrier and remember that defined-risk call options make such bold bets more palatable (worst case, your call premium goes to zero, rather than getting liquidated in a leveraged futures position).
DOGE — Breakout and Overbought Momentum
Dogecoin (DOGE) has been on a tear, delighting meme-coin traders with a technical breakout. The coin decisively broke above a year-long descending trendline, and as of yesterday it was holding firm in the $0.27–$0.28 range. On September 15, DOGE surged through the $0.27 resistance, and by the morning of Sep 16 it hovered around $0.28. This move also saw DOGE break out of a multi-month symmetrical triangle pattern on its chart — a classic consolidation pattern finally resolving to the upside. Traders are abuzz with speculation that an upcoming U.S. Dogecoin ETF (yes, that’s being discussed!) could be a catalyst to propel DOGE above the psychologically important $0.30 level. Technically, the daily chart looks encouraging: DOGE is above its key moving averages (20-day EMA around $0.24 and 50-day EMA around $0.22), which are now acting as support on pullbacks. In short, the trend structure has shifted bullish — a big deal for a coin that was in a downtrend for most of the past year.
However, momentum is looking stretched. DOGE’s 14-day RSI is roughly 74, which firmly puts it in “overbought” territory. An RSI this high doesn’t mean an immediate crash (strong uptrends can stay overbought for a while), but it does suggest the rally may be due for a breather or at least that chasing new longs here carries risk of a short-term pullback. Importantly, that elevated RSI comes as option traders went nearly all-in on calls: about 99.3% of DOGE option volume was in calls (30,000+ call contracts vs ~200 puts). Notional call volume was relatively small (∼$7.8k, as DOGE options are low-priced), but the skew was heavily bullish. This call-dominant flow aligns with the breakout — traders likely bought calls to play the upside without tying up too much capital.
Open interest on DOGE options is also call-skewed (≈70% of OI in calls), indicating a broader optimistic positioning looking forward. The heavy call activity amidst an overbought RSI suggests enthusiasm (perhaps FOMO) is high — traders are betting that the breakout and ETF narrative will carry prices higher still, at least through the near term. For those considering strategies now: given the high RSI, one might be cautious about buying naked calls at elevated premiums. Instead, strategies like call debit spreads (to lower cost) or even selling covered calls (if you own a lot of DOGE from lower levels) could make sense to manage risk. The key level to watch is $0.30: a blast above that with volume could trigger another wave of call buying (and possibly a gamma squeeze in the tiny DOGE options market), while failure to break $0.30 soon might see some of yesterday’s call buyers left holding expiring options if momentum cools. In summary: DOGE had a textbook breakout and options traders piled into bullish bets. Just keep in mind that the short-term momentum is red-hot (RSI > 70), so volatility can swing both ways — another reason to love options for their risk-defined nature.
SOL — Rally Pauses Near Fibonacci Resistance
Solana (SOL) has been one of the stronger performers in early September, and its options activity reflects confidence in further upside. SOL’s price is trading around $245, continuing a solid rally off its early-month lows. It’s currently sitting above support around $219 — a level it recently cleared and is now using as a foothold. Technically, Solana is pressing right up against a notable resistance near $253, which corresponds to a key Fibonacci retracement level and also overlaps with a supply zone from back in March. In other words, around $250–$253 is a decision point: a clear break above ~$253 could open the doors toward the next big target (bulls are eyeing the $300 region as a psychological and technical milestone), whereas a failure here might induce a pullback to the established support band. That support band is roughly $219 down to $199, where strong support levels and moving averages (the 50-day EMA near $199, for instance) are clustered. So $219 is first defense, and below that, $200 (give or take a dollar) is a deeper support if the rally pauses.
Yesterday’s options flows on SOL were bullish, though not as one-sided as XRP or DOGE. About 91.4% of the volume was in calls (154 contracts in total volume, so relatively modest trading). Open interest is similarly call-heavy — roughly 88% of all SOL options OI are calls, showing that many traders have been positioning for Solana upside for a while. Our calculated RSI for SOL sits around 53, which is pretty middle-of-the-road (neither overbought nor oversold). That balanced momentum reading suggests the recent rally, while strong, has not gone parabolic — there might be room for continuation if fresh bullish catalysts emerge. It’s a healthier setup than if RSI were, say, 80+.
The sentiment from yesterday’s flows is bullish, but measured. Traders were buying calls steadily, possibly across various strikes and expiries, indicating an expectation of volatility (and likely further upside) in the near term. The presence of ~9% put volume means there were at least some put buyers or call sellers — perhaps hedging by savvy traders as SOL approached $250+. This is a classic scenario where using options can shine: if you’re bullish on SOL but aware it’s at resistance, you could do a call diagonal spread — e.g., buy a near-term call for the breakout but sell a longer-dated call at a higher strike to finance it (which also acknowledges the $300 target may not be hit immediately). Such a strategy positions you for upside while mitigating time decay and inflated premiums.
Overall, Solana’s option market is optimistic that the rally can continue, and unlike DOGE, the momentum indicators aren’t flashing warning signs yet. The key will be how SOL behaves around $253 — a breakout could accelerate gains (and those 91% call traders will be smiling), while a rejection might see SOL consolidate or retrace to gather steam. If you’re trading this, options give you the flexibility to express either outcome with limited risk. For instance, one could even consider a strangle or straddle if expecting a big move either above $253 or a dip back below $220. The heavy call bias suggests most are betting on the upside scenario. Keep an eye on volume spikes if $253 breaks — it could trigger momentum players and more call buying. Conversely, if SOL stalls, we might see some short-term call holders roll out or down (or new put positions opened for protection). In short: SOL’s uptrend is intact, option traders are leaning bullish, and the next few sessions around that Fib resistance will likely determine whether Solana’s uptrend resumes toward $300 or takes a pit stop.
ETH — Consolidating After a Breakout
Ethereum (ETH) may be the largest asset on this list, but its price action has been no less interesting. Earlier last week, ETH broke out of a descending triangle pattern, a bullish development that saw price finally bust above a downtrend line that had been capping it. After that breakout, ETH rallied and is now consolidating in the mid-$4,600s — around $4,661 at the time of analysis. Essentially, Ether pushed up from the ~$4,300 area to ~$4,660 and has been ranging a bit, digesting gains. The token reclaimed levels above $4,600 on the 4-hour chart, which is a positive sign of strength. In terms of immediate levels: resistance is seen around $4,665 (a minor hurdle that, if cleared, could lead to a run at the next supply zone near $4,812, which is roughly where the upper Bollinger Band sits). So call it ~$4,800 as the next upside target zone for bulls. On the support side, ETH has layered support between $4,490 and $4,440, where its 20-period and 50-period EMAs on the 4-hour chart cluster together. Below that, a deeper pullback could revisit the $4,365–$4,326 area, which were pivotal bases during the breakout move (and roughly align with prior resistance now turned support).
Yesterday’s options activity on ETH was fairly light — only ~26 contracts traded — but nearly 95% of those were calls. This continues the trend of call bias we’ve seen across the board. Open interest on ETH options is ~91% calls vs 9% puts, so the market is structurally tilted bullish looking forward (not surprising given the strong upward trend ETH has had in recent weeks). With price in a consolidation and our intraday data limited, we don’t have a meaningful daily RSI reading for ETH (it would be “n/a” similar to XRP). However, broad market context suggests ETH’s rally might be taking a breather, not reversing. There are also some potential macro catalysts on the horizon (e.g. any ETF news or broader crypto market moves) that could spark the next leg.
For traders, ETH’s quiet option flow could present an opportunity. When volumes are low, option premiums might be reasonable, making strategies like calendar spreads attractive — for instance, selling a near-term option and buying a longer-term option to bet on a move happening later rather than sooner. Alternatively, if you’re sitting on solid ETH spot gains and worry about a short-term pullback, picking up a cheap protective put around that $4,400 support zone could be smart insurance. Given the overwhelmingly long call OI, if ETH were to slip below $4,440, we might see some of those bullish bets unwind or hedges put on quickly — which could accelerate a drop. On the flip side, a strong push above $4,665 toward $4,800 could trigger fresh call buying (or call OI rolling up to higher strikes as traders chase the trend). In essence: ETH is in a healthy consolidation after a bullish breakout. Option traders remain positioned for more upside, albeit in smaller size. The prudent move for now might be to hedge longs or use spreads, since outright calls have already been the popular play. Keep an eye on that ~$4,800 zone if momentum returns — that’s a key resistance where one might consider taking some profit or setting up a spread to fade an over-extension. But until then, Ethereum’s trend is your friend, and options can help you ride it with a plan B in place.
Final Thoughts — Trade Smarter With Options
Across XRP, DOGE, SOL, and ETH, yesterday’s option flows showed a clear risk-on sentiment — traders are using calls to express bullish views on altcoins, seeking upside exposure with limited downside risk. This aligns with the broader market mood, as September has brought a resurgence in altcoin optimism (from major network upgrade narratives to buzz about potential ETFs and renewed institutional interest). However, the data also flashed a note of caution: for some coins like XRP, the majority of outstanding options are still puts, meaning smart money hasn’t completely thrown caution to the wind. Technical indicators added context too — DOGE’s RSI at ~74 suggests it might be due a cooldown even as call buyers remain exuberant, whereas SOL’s mid-50s RSI implies steadier momentum, and ETH’s consolidation could go either way without a strong momentum signal yet.
The big picture is that options let you navigate these nuances in a way spot or perps cannot. You can be bullish but still hedge; you can take a directional bet without risking liquidation; you can even bet on volatility itself rather than direction. In a volatile crypto market, options are a trader’s toolkit for defined risk and asymmetric reward. They allow you to amplify gains while strictly limiting losses, which is crucial when prices can swing 10%+ in a day. Unlike a leveraged futures position, a long call will never get margin-called — you either make money if your thesis plays out or lose at most the premium you paid. And if you’re sitting on spot holdings, options (like puts) act as cheap insurance to protect against downturns without forcing you to sell your bags. This ability to play offense and defense simultaneously is exactly why more crypto traders are gravitating to options. In fact, crypto options trading volumes have been climbing rapidly as traders realize the edge and flexibility options can provide.
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