MOVE rallied for the second straight day, supported by continued token buybacks by the Motion Community Basis.
Based on knowledge from crypto.information Motion (MOVE), the native token of the modular Layer-2 blockchain ecosystem, surged over 35% on June 26 to succeed in an intraday excessive of $0.199 throughout afternoon Asian buying and selling hours. The rally pushed its market cap above $512 million and prolonged its weekly good points to over 52%.
Its each day buying and selling quantity rose over 300% in comparison with the day before today, with investor sentiment probably being buoyed by ongoing token buyback exercise by the Motion Community Basis.
Based on official disclosures, the Motion Community Basis, an entity overseeing the Motion ecosystem, has repurchased 45 million MOVE tokens prior to now 24 hours, bringing whole June buybacks to 63 million tokens.
The initiative seems to be a part of a repurchase program funded by means of a Motion Strategic Reserve, which was established in Could. A portion of the reserve is reportedly backed by property recovered from Rentech, a now-banned market maker accused of worth manipulation.
By means of this reserve, tokens are being actively purchased again from the open market to assist stabilize costs and cut back volatility within the aftermath of the sell-off.
In the meantime, the latest buybacks come after the Motion group transferred 500 million MOVE tokens to Binance in early Could 2025 as a part of the MOVE Launchpool Season 2 initiative.
The token switch and Launchpool initiative look like strategic efforts by the Motion group to realign with token holders and ease issues over potential delisting, issues that had been amplified after Coinbase delisted MOVE in Could, citing non-compliance with itemizing requirements within the wake of the Rentech incident.
The buyback program appears to have contributed to a noticeable uptick in bullish sentiment.
Concurrently, whale accumulation has additionally picked up tempo. Based on Nansen knowledge, whale wallets have elevated their MOVE holdings by almost 200% over the previous three months, now collectively holding 843,829 tokens.
Nonetheless, extra knowledge presents a bearish be aware. Whereas whales have elevated their holdings, Good Cash wallets, typically seen as extra strategic, have lowered their MOVE publicity by 52% inside the similar interval. This divergence means that whereas bigger holders are accumulating, extra strategic merchants should still be cautious about MOVE’s long-term outlook.
MOVE worth evaluation
On the 1-day/SUDT worth chart, MOVE has damaged out of a multi-week falling wedge sample, a usually bullish technical formation that always precedes upward worth reversals.
MOVE worth has additionally breached a descending trendline that had been capping worth motion since late December, indicating a possible shift in market construction from decrease highs to increased highs.
Momentum indicators such because the RSI and MACD have additionally turned upward, reinforcing the chance of sustained bullish momentum within the close to time period.
Primarily based on this technical setup, essentially the most possible upside goal for MOVE lies on the $0.41 degree, which represents the 23.6% Fibonacci retracement zone and 115% above the present worth degree.
Regardless of this, a deterioration in broader market sentiment, significantly if geopolitical tensions within the Center East escalate, may invalidate this bullish construction. In that case, MOVE dangers falling again towards the $0.11 degree, a vital assist zone that has traditionally attracted shopping for curiosity.
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