MOVE extended its winning streak for a second consecutive day, driven by continued token buybacks from the Movement Network Foundation. According to data from crypto.news, MOVE—the native token of the modular Layer-2 blockchain ecosystem—surged more than 35% on June 26, hitting an intraday high of $0.199 during afternoon trading in Asia. The rally pushed its market capitalization past $512 million and brought weekly gains to over 52%.
Daily trading volume spiked by more than 300% compared to the previous day, with investor confidence likely boosted by the Foundation’s ongoing buyback efforts.
Official disclosures reveal that the Movement Network Foundation has repurchased 45 million MOVE tokens in the past 24 hours alone, bringing total buybacks in June to 63 million tokens. These purchases are part of a broader buyback initiative funded by the Movement Strategic Reserve, which was established in May. The reserve is reportedly backed in part by assets recovered from Rentech, a banned market maker previously accused of price manipulation.
The buybacks are aimed at stabilizing MOVE’s price and reducing volatility following a major sell-off earlier this year.
Notably, this renewed momentum follows a significant token transfer in early May, when the Movement team sent 500 million MOVE tokens to Binance as part of the MOVE Launchpool Season 2 campaign. The move was widely seen as a strategic effort to re-engage the community and address concerns over a potential delisting, which had gained traction after Coinbase removed MOVE from its platform due to compliance issues related to the Rentech scandal.
The Foundation’s actions appear to be bolstering market sentiment. Whale activity has also surged in recent months. According to data from Nansen, large holders have increased their MOVE positions by nearly 200% over the past three months, now collectively holding 843,829 tokens.
Together, the buybacks and increased whale accumulation suggest growing confidence in the Movement Network’s long-term vision and recovery efforts.
However, additional data introduces a more cautious tone. Despite increased accumulation by whale wallets, Smart Money addresses—typically regarded as more strategic and informed investors—have cut their MOVE holdings by 52% over the same period. This divergence indicates that while large holders are doubling down, more discerning market participants remain wary about MOVE’s long-term prospects.
MOVE price analysis
On the 1-day/SUDT price chart, MOVE has broken out of a multi-week falling wedge pattern—a classic bullish technical setup that often signals the start of a trend reversal to the upside.
MOVE has also broken above a descending trendline that had been suppressing price action since late December, signaling a potential shift in market structure from lower highs to higher highs.
Supporting this breakout, momentum indicators like the RSI and MACD have both turned upward, strengthening the case for continued bullish momentum in the short term.
Given the current technical setup, the most likely upside target for MOVE is around the $0.41 level—aligned with the 23.6% Fibonacci retracement zone and representing a potential 115% gain from current prices.
However, this bullish outlook could be undermined by a broader shift in market sentiment, especially if geopolitical tensions in the Middle East intensify. In such a scenario, MOVE could retrace back toward the $0.11 support level, a historically significant zone that has previously attracted strong buying interest.
