DailySun
The native token MOVE of the Ethereum layer-2 blockchain Movement has seen a remarkable price surge, standing out against a generally declining crypto market.
On December 20, Movement (MOVE) achieved the highest gains among the top 100 cryptocurrencies, hitting an intraday peak of $0.877 and finishing with a market cap nearing $2 billion.
This price increase was accompanied by a 63% jump in daily trading volume, surpassing $1.6 billion, reflecting heightened interest from traders. Moreover, CoinGlass data indicates that open interest in its futures market rose to an unprecedented $103.93 million, nearly double the $56.03 million from the previous day, signaling increased demand among investors.
What is driving MOVE’s rally?
The primary catalyst for this altcoin’s appreciation seems to be its partnership with BitGo, a prominent digital asset custody and security provider, which will facilitate the integration of WBTC (a tokenized version of Bitcoin on the Ethereum blockchain) into Movement’s mainnet.
By adding WBTC, Movement seeks to enhance its DeFi offerings, granting users greater options for asset utilization, liquidity provisioning, and engagement in decentralized financial services.
The recent price increase of Movement can also be linked to the launch of its mainnet last week. As an Ethereum layer-2 network powered by MoveVM, Movement introduced its native token, MOVE, recently, distributing a portion of these tokens to early adopters and community participants.
Additionally, MOVE has gained notable attention by being listed on major exchanges such as Binance, Coinbase, OKX, and Upbit.
The project initiated its token launch with a substantial $830 million airdrop. Generally, projects that boast a large user base, significant airdrops, and robust exchange support often witness initial price surges before settling down.
The surge in MOVE’s price occurred while the wider crypto market dipped 9.1% over the past day, now standing at $3.39 trillion, driven down by Bitcoin’s (BTC) drop below the $100k mark, triggering a cascading effect throughout the altcoin market with leading cryptocurrencies like Ethereum (ETH), XRP (XRP), Solana (SOL), and BNB (BNB) all experiencing losses over the same period.
MOVE may rally to $1 again
Analysts believe that MOVE might continue to rise in the upcoming weeks, with the price expected to reach $1 and possibly exceed that threshold.
According to the crypto trading signal community on X, Rose Premium Signals, MOVE is poised for continued growth, potentially hitting $1.3, which entails a surge of about 60% from current price levels.
Furthermore, analyst Globe Of Crypto noted that MOVE recently broke out of a bullish pennant pattern on the 4-hour chart. Such breakouts typically indicate an ongoing price rally. Given this, the analyst forecasts that MOVE could rise by an additional 40-50%, potentially crossing the $1 mark within the next week.
