At 5:22 a.m. Sunday, with U.S. markets still closed, $SNDKB 6 minutes on Binance plunged from 1293 to 1214.34, leaving a brutal -6% wick. CoinGlass data, cited by CoinDesk, showed that about $51.6 million in chip-stock perpetual futures were liquidated across the market in those 10 minutes, including about $38 million in long positions. SOXL, SanDisk, and SK Hynix were hit hardest.
I went through the minute-by-minute trades: the first wave of large sell orders hit Binance, and Hyperliquid saw a cascade of liquidations almost in the same second. But what’s more interesting is what came next: it bounced back to 1250 in less than 20 minutes and is now hovering around 1260, having recovered more than half of the wick. Weekend thin liquidity combined with high leverage triggering liquidations—that looks much more likely than “fundamentals suddenly turning bad.”
Of course, don’t let the bounce lull you into complacency. On 10/11, it was still closing at 1609; it’s down more than 20% in a week and has pulled back more than 30% from the 9/22 high of 1908. Tomorrow, October 19, is exactly the 39th anniversary of Black Monday in 1987. U.S. markets open at 21:30, and that’s when this weekend’s price action will face its first real test.
My plan is simple: start buying in the 1215–1240 range; the wick low lines up almost exactly with the platform from early August. If it drops further, I’m watching 1165–1190, where it found support several times in August. If the daily close falls below 1120, I’ll admit I’m wrong and exit. To the upside, I’m first watching 1300, where it traded sideways for most of the half-day before the wick. If it holds above that, then I’ll look at 1370–1400.
If you want to bet on the direction at Monday’s open, tap $SNDKB to watch the live market. Those few hours before the open will really test your reaction speed. Do you think tomorrow night brings another leg down, or a recovery to 1300?
I went through the minute-by-minute trades: the first wave of large sell orders hit Binance, and Hyperliquid saw a cascade of liquidations almost in the same second. But what’s more interesting is what came next: it bounced back to 1250 in less than 20 minutes and is now hovering around 1260, having recovered more than half of the wick. Weekend thin liquidity combined with high leverage triggering liquidations—that looks much more likely than “fundamentals suddenly turning bad.”
Of course, don’t let the bounce lull you into complacency. On 10/11, it was still closing at 1609; it’s down more than 20% in a week and has pulled back more than 30% from the 9/22 high of 1908. Tomorrow, October 19, is exactly the 39th anniversary of Black Monday in 1987. U.S. markets open at 21:30, and that’s when this weekend’s price action will face its first real test.
My plan is simple: start buying in the 1215–1240 range; the wick low lines up almost exactly with the platform from early August. If it drops further, I’m watching 1165–1190, where it found support several times in August. If the daily close falls below 1120, I’ll admit I’m wrong and exit. To the upside, I’m first watching 1300, where it traded sideways for most of the half-day before the wick. If it holds above that, then I’ll look at 1370–1400.
If you want to bet on the direction at Monday’s open, tap $SNDKB to watch the live market. Those few hours before the open will really test your reaction speed. Do you think tomorrow night brings another leg down, or a recovery to 1300?