MOVE’s price staged a surprise 15% moon mission in under 24 hours, shrugging off the broader market’s latest nap. The pump was ignited by its spot listing on Hyperliquid, a DEX that’s been the king of perpetuals but is now flexing in spot trading with over 700k active addresses. This move means MOVE can now be used as collateral for perp trading, likely sending its activity to the moon. Indeed, the token’s daily trading volume skyrocketed by 515%, aligning with its recent pivot from an Ethereum L2 to an L1 blockchain.
Price charts show MOVE broke out of a sideways consolidation pattern that’s been stuck since mid-December, bouncing between $0.0336 and $0.0400 like a bored degen waiting for a signal. Indicators like the MACD and Stochastic RSI confirm the bullish momentum from the Hyperliquid listing, with all systems go. However, the price is struggling to push past $0.045, with wicks on bullish candles signaling sellers fighting back at press time—hindering a potential move toward $0.06. On the flip side, cumulative long liquidation leverage suggests traders are betting on an uptrend, with longs nearing $4 million versus $2.67 million in shorts. Coinglass data shows traders using leverage up to 50x, embracing the risk of overleveraging, though a deleveraging event could spark the opposite move faster than a rug pull.
Network activity is also in sync with the rally, showing the chain isn’t just vapor. The number of MOVE holders has risen since January 9, reaching 39.32k at press time—more holders joining the party daily. Transaction counts have stabilized over the past seven days, averaging over 550k daily and totaling 4.2 million for the week, per Token Terminal, keeping the network buzzing. However, monthly active addresses dipped by 31% to 14.8K, implying a decline in users despite higher transaction volume, like a club with more drinks but fewer patrons. This raises questions about the sustainability of the surge, even as the Hyperliquid listing plays a major role in driving the altcoin’s rally, leaving traders wondering if this is a marathon or a sprint.
