MOVE Token Sees Strong Rally Amid Foundation Buybacks
MOVE, the native token of the modular Layer-2 blockchain ecosystem, has surged over 35% on June 26. It hit an intraday high of $0.199 during Asian trading. This rally pushed its market cap above $512 million, extending weekly gains too over 52%.
The Movement Network Foundation’s token buybacks are fueling this momentum. The foundation repurchased 45 million tokens in the past 24 hours, bringing June’s total to 63 million.This activity likely boosts investor confidence. Daily trading volume rose over 300% compared to the previous day.
The Movement Network Foundation’s buyback initiative is part of a repurchase program funded through a Movement Strategic Reserve established in May. This reserve includes assets recovered from Rentech, a banned market maker accused of price manipulation. The buybacks aim to stabilize prices and reduce volatility following a recent sell-off.
Meanwhile, the Movement team transferred 500 million MOVE tokens to Binance in early May 2025 as part of the MOVE Launchpool Season 2 initiative. This strategic move aims to realign with token holders and ease concerns over potential delisting, especially after Coinbase delisted MOVE in May due to non-compliance with listing standards.
Whale wallets have increased their MOVE holdings by nearly 200% over the past three months, now collectively holding 843,829 tokens. However, Smart Money wallets have reduced their MOVE exposure by 52%, indicating cautious sentiment among strategic traders.
On the 1-day/SUDT price chart, MOVE has broken out of a multi-week falling wedge pattern, a typically bullish technical formation that frequently enough 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, notably 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.
