Options traders are betting on a significant rally in Snap shares, with nearly 140,000 options traded on Monday, propelling volume to more than four times the month-long average. Approximately 64,000 of these were likely initiated by call buyers, and $5 million of the $5.5 million in premium exchanged was tied to calls. The most popular contract, the 8-strike call expiring December 18, requires Snap to rally 30% before expiry to be profitable. Snap shares have risen almost 20% this month, though they have traded under $10 since July 2025.