We saw some unusually heavy option volume in Snap (SNAP) last week, with nearly 2x the average amount trading on a big up day in the stock, says Jay Soloff of Investors Alley.

SNAP is the owner of Snapchat, a very popular social-media platform. Some negative news on Facebook sent that social-media stock down, and SNAP may have been the beneficiary of some of those exiting. A massive 20,000 in-the-money call trade in SNAP could be a sign that a large player is very bullish on the stock. The January call purchase cost $28 million in premiums.

Learn more about Jay Soloff at Investors Alley.