MOVE Token Sees Significant Rally Amid Foundation Buybacks
MOVE, the native token of the Movement blockchain ecosystem, has experienced a strong rally. On June 26, it surged over 35%, reaching $0.199 during Asian trading. This boost pushed its market cap above $512 million and extended its weekly gains to over 52%.
the token’s daily trading volume increased by more than 300% compared to the previous day. this surge in interest is highly likely due to the Movement Network Foundation’s ongoing token buyback activity.
The foundation has repurchased 45 million MOVE tokens in the past 24 hours, bringing the total June buybacks to 63 million tokens. This initiative is part of a repurchase program funded by the Movement Strategic Reserve, established in May.
A portion of this reserve comes from assets recovered from Rentech, a banned market maker accused of price manipulation. The buybacks aim to stabilize prices and reduce volatility after a recent sell-off.
Recently, the Movement team transferred 500 million MOVE tokens to Binance as part of the MOVE Launchpool Season 2 initiative. This move seems to be a strategic effort to realign with token holders and ease concerns over potential delisting.
whale wallets have increased their MOVE holdings by nearly 200% over the past three months. However, Smart Money wallets have reduced their exposure by 52%, indicating a cautious outlook from strategic traders.
On the technical front, MOVE has broken out of a falling wedge pattern, a bullish signal. the price has also breached a descending trendline, suggesting a shift in market structure. The most probable upside target for MOVE is $0.41, representing a 115% increase from the current price. yet, broader market sentiment, especially geopolitical tensions, could impact this bullish structure. If so, MOVE risks falling back to $0.11, a critical support zone.
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