At the time of writing, MOVE was trading at $0.127, up 3.2% from the previous day. The price surge follows the project’s announcement of its plan to evolve from a sidechain into a full-fledged Layer 1 blockchain.
Market activity has intensified over the past 24 hours. Daily trading volume for MOVE jumped nearly 200% to $81.6 million, while derivatives volume soared 256% to $199.2 million, according to Coinglass data.
Open interest also climbed 15.9% to $61.3 million, signaling that more traders are taking positions. When both volume and open interest rise together, it typically reflects increased speculative activity and suggests higher short-term volatility.
Movement Labs’ Layer 1 transition
On Sept. 16, Movement Labs announced the development of a new Layer 1 blockchain focused on speed, stability, and decentralization. The network aims for sub-second finality and plans to handle over 10,000 transactions per second. Alongside this, the project will launch Move 2, an upgraded programming language that offers developers greater flexibility and new features.
The transition will eliminate dependence on a centralized sequencer and implement staking via a validator network secured by MOVE tokens. The team emphasized that neither user funds nor existing contracts will be affected by the migration. A public devnet is expected to launch soon.
MOVE Price Technical Analysis
MOVE is currently testing resistance near $0.134, coinciding with the upper Bollinger Band, while support levels are around $0.124, with a stronger base at $0.113. The token has been consolidating within this range for several weeks, indicating that a breakout could set the direction for the next trend.
Momentum signals for MOVE are mixed. The Relative Strength Index (RSI) sits at 49, indicating the market is neither overbought nor oversold. The MACD has turned positive, suggesting bullish momentum, while the 10- and 20-day short-term moving averages remain close to the current price.
Longer-term averages, however, point to lingering bearish pressure. The 50-day EMA is at $0.1319, and the 100-day EMA is significantly higher at $0.1546, reflecting the token’s vulnerability to prior downtrends.
Limited directional momentum is also seen in the Commodity Channel Index, hovering near 50, and the Stochastic RSI at 61, both signaling a neutral stance. This overall picture suggests consolidation, though rising trading volumes could provide an upward push.
Key resistance levels are near $0.15 and $0.16, where sellers may step in if MOVE surpasses $0.134. Conversely, a rejection at current levels could trigger a retracement toward support at $0.124 or the stronger base at $0.113, which are crucial for sustaining a bullish structure.
