Solana Meme Coin BONK Treasury Drained of $20M: What's Next for SOL?

Did the BONK hack hurt the Solana price?

Solana traded around $81.30 on July 7, 2026, up about 1% on the day. The BonkDAO exploit has not dragged the broader Solana market down with it, at least so far.

BONK itself took the hit. The token fell close to 8 to 10% after the attack came to light. But SOL, the coin that powers the whole network, kept moving inside its recent range.

That gap matters. It tells us traders are treating this as a BONK governance problem, not a Solana network problem.

What actually happened to BonkDAO's treasury?

As per a tweet on X, an attacker spent roughly $4 million buying BONK tokens on exchanges. They used those tokens to build up voting power on Solana's Realms governance platform.

A proposal sat live for six days. Only seven wallets voted on it. The attacker's wallets controlled almost all of that voting weight, close to 99.9%.

With so few people watching, the proposal passed. It authorized moving about 4.4 trillion BONK tokens, worth close to $20 million, out of the DAO treasury.

BonkDAO said no smart contract bug was involved. This was a governance takeover, not a code exploit.

The project says it has already traced exchange wallets tied to the attacker and is working with exchanges, bridges, the Solana Foundation, and law enforcement to recover funds.

How is Solana price reacting on the charts?

Looking at the daily SOL/USDT chart, price sits near $81, just above its 20-day EMA of $76.50 and 50-day EMA of $76.65.

SOL bounced hard off the $60 to $65 zone in June and has been climbing inside a rising channel since. The 100-day EMA near $96 still sits overhead, so it isn't all clear skies yet.

RSI on the daily chart reads 62.83. That is firm without being overheated, leaving some room before the token looks stretched.

Analyst Michaël van de Poppe pointed out that SOL has broken its year-long downtrend against Bitcoin. He said he does not expect a stall here and would still buy dips if price pulls back.

Are SOL traders bullish or bearish right now?

Derivatives data from CoinGlass paints a mixed but not panicked picture.

SOL futures volume over 24 hours jumped more than 42% to $9.43 billion. Open interest slipped slightly, down 1.41% to $5.50 billion.

The long/short ratio across accounts sits above 1, meaning more traders are positioned long than short on major exchanges like Binance and OKX.

Liquidations over the past 24 hours totaled close to $19.75 million, split fairly evenly between longs and shorts.

None of these numbers suggest forced selling pressure tied to the BONK incident.

Solana price prediction: what's next for SOL?

Short term, SOL looks like it wants to test the $88 to $92 zone, where the 100-day EMA and prior swing highs sit.

A clean break above $92 would open the door toward the $100 mark that traders keep mentioning.

On the downside, the rising channel support near $76 to $78 is the level to watch. A daily close below that would weaken the current setup.

The BONK hack is a reminder that meme coin ecosystems built on Solana carry governance risk separate from the base chain itself. 

Whether that risk spreads to broader sentiment depends on how fast BonkDAO can recover funds and whether other Solana DAOs face copycat attempts.

Nothing here guarantees a specific price target. Crypto markets move fast, and news like this can shift sentiment within hours.

Disclaimer

This article is for informational purposes only and does not constitute financial, investment, legal, or trading advice. Prices mentioned reflect data available at the time of writing and can change quickly. Always do your own research and consult a licensed financial advisor before making investment decisions.