MOVE Traders Accumulate Despite 50% Supply Sell-Off, 66M Tokens Dumped

Despite recent revelations of insider trading involving the Movement Foundation, traders continue to accumulate MOVE, betting on a potential rally. The Foundation, backed by World Liberty Financial, was reported to have executed a deal with a third party, transferring 50% of MOVE’s circulating supply. This third party subsequently sold 66 million MOVE, valued at approximately $16.96 million. Such a significant sell-off typically exerts downward pressure on the price, signaling weak market conviction. However, MOVE’s market participants appear unfazed, viewing the price drop as a discounted buying opportunity.

Traders have resumed buying MOVE after a period of selling, indicating a renewed bullish sentiment. The funding rate for MOVE futures has risen to 0.0048%, suggesting that long traders now dominate the market and are willing to pay a premium to maintain their positions. This trend could attract more buyers and potentially lead to a broader market rally. Analysts predict that MOVE could target the $0.30 zone in the near term, as the token is currently trading within an ascending triangle pattern, a formation known to precede breakouts. If MOVE breaks through its resistance level, its price could jump from $0.25 to $0.30. However, the token may still consolidate within this structure before making a decisive move.

Despite the ongoing accumulation of MOVE, there are signs of a decline in community sentiment. According to a community voting feature, the percentage of asset holders viewing MOVE as bullish has decreased from 82.5% to 77%, indicating a 5.5% drop in investor confidence. If this trend continues, the token may reverse its recent gains and lose any upward momentum. The insider trading scandal has raised concerns about the integrity of the Movement Foundation, but traders remain optimistic about MOVE’s potential for growth. The continued buying despite the controversy suggests that many investors view the current price as undervalued and are willing to take on the risk in the hopes of a future rally.