MOVE rallied for the second straight day, supported by continued token buybacks by the Movement Network Foundation.
According to data from crypto.news Movement (MOVE), the native token of the modular Layer-2 blockchain ecosystem, surged over 35% on June 26 to reach an intraday high of $0.199 during afternoon Asian trading hours. The rally pushed its market cap above $512 million and extended its weekly gains to over 52%.
Its daily trading volume rose over 300% compared to the previous day, with investor sentiment likely being buoyed by ongoing token buyback activity by the Movement Network Foundation.
According to official disclosures, the Movement Network Foundation, an entity overseeing the Movement ecosystem, has repurchased 45 million MOVE tokens in the past 24 hours, bringing total June buybacks to 63 million tokens.
The initiative appears to be part of a repurchase program funded through a Movement Strategic Reserve, which was established in May. A portion of the reserve is reportedly backed by assets recovered from Rentech, a now-banned market maker accused of price manipulation.
Through this reserve, tokens are being actively bought back from the open market to help stabilize prices and reduce volatility in the aftermath of the sell-off.
Meanwhile, the recent buybacks come after the Movement team transferred 500 million MOVE tokens to Binance in early May 2025 as part of the MOVE Launchpool Season 2 initiative.
The token transfer and Launchpool initiative appear to be strategic efforts by the Movement team to realign with token holders and ease concerns over potential delisting, concerns that were amplified after Coinbase delisted MOVE in May, citing non-compliance with listing standards in the wake of the Rentech incident.
The buyback program seems to have contributed to a noticeable uptick in bullish sentiment.
Simultaneously, whale accumulation has also picked up pace. According to Nansen data, whale wallets have increased their MOVE holdings by nearly 200% over the past three months, now collectively holding 843,829 tokens.
However, additional data presents a bearish note. While whales have increased their holdings, Smart Money wallets, often seen as more strategic, have reduced their MOVE exposure by 52% within the same period. This divergence suggests that while larger holders are accumulating, more strategic traders may still be cautious about MOVE’s long-term outlook.
MOVE price analysis
On the 1-day/SUDT price chart, MOVE has broken out of a multi-week falling wedge pattern, a typically bullish technical formation that often precedes upward price reversals.
MOVE price has also breached a descending trendline that had been capping price action since late December, indicating a potential shift in market structure from lower highs to higher highs.
Momentum indicators such as the RSI and MACD have also turned upward, reinforcing the likelihood of sustained bullish momentum in the near term.
Based on this technical setup, the most probable upside target for MOVE lies at the $0.41 level, which represents the 23.6% Fibonacci retracement zone and 115% above the current price level.
Despite this, a deterioration in broader market sentiment, particularly if geopolitical tensions in the Middle East escalate, could invalidate this bullish structure. In that case, MOVE risks falling back toward the $0.11 level, a critical support zone that has historically attracted buying interest.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
