Movement Token Surges 35% as Buybacks Stabilize Prices

Movement (MOVE), the native token of the modular Layer-2 blockchain ecosystem, experienced a significant rally on June 26, surging over 35% to reach an intraday high of $0.199 during afternoon trading hours. This surge pushed its market capitalization above $512 million and extended its weekly gains to over 52%. The rally was driven by continued token buybacks by the Movement Network Foundation, which has been actively repurchasing MOVE tokens to stabilize prices and reduce volatility.

The Movement Network Foundation, the entity overseeing the Movement ecosystem, disclosed that it had repurchased 45 million MOVE tokens in the past 24 hours, bringing the total June buybacks to 63 million tokens. This initiative is part of a repurchase program funded through a Movement Strategic Reserve, established in May. A portion of this reserve is reportedly backed by assets recovered from Rentech, a now-banned market maker accused of price manipulation. The buyback program aims to help stabilize prices and reduce volatility following a recent sell-off.

The recent buybacks come after the Movement team transferred 500 million MOVE tokens to Binance in early May 2025 as part of the MOVE Launchpool Season 2 initiative. This transfer and the Launchpool initiative appear to be strategic efforts by the Movement team to realign with token holders and address concerns over potential delisting, which were amplified after Coinbase delisted MOVE in May due to non-compliance with listing standards following the Rentech incident.

The buyback program has contributed to a noticeable uptick in bullish sentiment. Simultaneously, whale accumulation has also picked up pace. According to data, 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, often seen as more strategic, have reduced their MOVE exposure by 52% within the same period. This divergence suggests that while larger holders are accumulating, more strategic traders may still be cautious about MOVE’s long-term outlook.

On the technical front, MOVE has broken out of a multi-week falling wedge pattern, a typically bullish technical formation that often precedes upward price reversals. The token 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. However, a deterioration in broader market sentiment, particularly if geopolitical tensions 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.