Movement (MOVE), an Ethereum-based layer-2 blockchain, has surged 50% in price within the past 24 hours. The MOVE token price spike came just a day after the project’s official launch, which included distributing rewards through an airdrop to its early users.
Can MOVE sustain its momentum? This on-chain analysis assesses the cryptocurrency’s potential in the short term.
Movement Volume Jumps with the Market Cap
When it launched yesterday, the MOVE token price was around $0.71. But thanks to the increase mentioned, the cryptocurrency’s value has climbed above $1 as of this writing.
However, price isn’t the only metric that has skyrocketed during this period. According to Santiment, Movement’s trading volume has surged to $6.34 billion—an impressive tenfold increase since its launch. This spike signifies the growing interest in cryptocurrency.
When price and volume climb together, it often signals a stronger uptrend. Conversely, declining volume typically points to weakening momentum. Thus, should MOVE’s volume keep rising alongside its price, the cryptocurrency could edge closer to the $2 mark in the coming days.
If that happens, the MOVE airdrop could mirror the success of Hyperliquid (HYPE) and Grass (GRASS), both of which experienced significant price surges following similar events.
When BeInCrypto first reported on the MOVE token, its market capitalization stood at $1.60 billion. Today, that figure has climbed to $2.27 billion—a clear reflection of its growing appeal. Market cap, determined by multiplying the circulating supply by the price, naturally rises as the price increases.
Currently, only 2.25 billion MOVE tokens are in circulation out of a total supply of 10 billion. As more tokens are unlocked, the market capitalization is poised for further growth.
MOVE Price Prediction: Still in Discovery
On the 1-hour chart, the MOVE price hovers around the $1 mark but has previously rallied to $1.56. However, as it stands, the token is still in price discovery mode.
In crypto, price discovery is the process where buyers and sellers interact to establish a cryptocurrency’s fair market value. Since the token of the layer-2 project just launched, there is a high chance that it is yet to reach an agreed fair value.
But if the volume continues to climb, the altcoin might trade higher in the short term. However, if airdrop recipients begin to sell in large volumes, this might not happen. Instead, the token might experience a correction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
