🔹 The Solana memecoin project Bonk (BONK) recently had to bear a $20 million exploit on July 6, stemming from a "malicious governance proposal." Most recently, on Thursday, July 16, the hackers behind the attack continued to move assets with two transactions sending a total of about 800 billion BONK (equivalent to $2.73 million) to the same Binance exchange deposit address. Although this move has not yet confirmed a direct sell-off, it suggests the attacker is looking for a liquidity exit route via a centralized exchange, threatening to create direct selling pressure on the spot market. $BONK
🔸 BONK has already been under severe bearish pressure, and the early-month attack has further worsened the technical structure. Over the past 24 hours, this token has dropped 6.72% in value. Notably, BONK’s daily trading volume suddenly surged by nearly 120%, accompanied by a sharp 30% increase in open interest (OI) in the derivatives market. The combination of a deep price decline, explosive trading volume, and rapidly rising OI clearly shows that the bears are aggressively building short positions, imposing extreme selling pressure on the price chart.
🔹 Since reaching a local peak at the 0.0000134 USD mark in the first week of January this year, BONK has lost 74.18% of its value. The local resistance zone at 0.00000514 USD was tested in early July but completely failed. The On-Balance Volume (OBV) indicator has been falling steadily to new yearly lows, reflecting an unending wave of capital outflows, while the RSI on the daily chart has not yet entered the oversold region. In this context, another 18% drop is very likely, pushing BONK toward the next price target at 0.00000287 USD—which corresponds to a 23.6% Fibonacci extension to the downside.
Given the risk that hackers are transferring millions of USD in BONK to Binance in preparation for a sell-off, and the derivatives pressure is weighing heavily—will you choose to cut losses to preserve capital or continue to hold steadfast in these extreme pullback zones?
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