Recent market data reveals an interesting comparison between the Ethereum (ETH) and Solana (SOL) blockchain projects. From a sentiment perspective, SOL seems to have hit bottom, while ETH has not yet reached this stage.

Gamma curve analysis shows that ETH still has significant negative gamma energy growth around the $2200 level, indicating that volatility around this price level may continue to expand. In contrast, SOL has a positive gamma support area at the $120 position, while the negative gamma area is scattered between $140 and $150, which may reflect traders' positions in buying put options.

The change in open interest (OI) over the past 24 hours also basically confirms the above analysis. Based on these observations, we can draw some potential trading strategy recommendations:

For ETH, it is suitable to implement a buyer volatility strategy to obtain gamma and vega profits. A bidirectional buy or a buy iron condor strategy can be considered. However, it is important to note that once the profits reach the expected level, one should take profits in a timely manner and not hold for the long term.

If you choose to be a seller of ETH, the calendar spread strategy may be a more prudent choice, but you need to be able to cope with drastic changes in actual volatility. Specifically, you can consider selling deep out-of-the-money options that expire over the weekend while buying deep out-of-the-money options with a longer expiration, supplemented by hedging strategies to guard against extreme market events.

For SOL, you can try selling put options to profit from a rebound and a decrease in volatility.

Regardless of the strategy employed, managing risk is always the primary prerequisite for profitability. In the rapidly changing cryptocurrency market, it is crucial to remain vigilant and responsive. I hope these insights can provide valuable references for investors.