MOVE Explodes 15% in a Day — Is This Rally Just Getting Started?

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• MOVE surged over 15% after being listed on Hyperliquid’s spot market.
  
• Trading volume spiked 500% as MOVE became eligible collateral for perps.
  
• Declining active addresses raise questions about long-term momentum.

MOVE surprised the market with a sharp rally, climbing more than 15% in under 24 hours during a broader crypto pullback. The sudden surge caught traders off guard, especially as risk appetite across altcoins appeared muted. The move was not random. It was driven by a key catalyst: MOVE’s spot listing on Hyperliquid, one of the fastest-growing decentralized exchanges in crypto.

The listing has put MOVE back in focus, but on-chain and derivatives data suggest the rally may still face meaningful resistance.

Hyperliquid Listing Sparks Volume Explosion

The primary driver behind MOVE’s breakout was its addition to Hyperliquid’s spot market. While the platform is best known for dominating perpetual futures trading, its spot market has been expanding rapidly, now serving more than 700,000 active addresses.

With the listing, MOVE can now be used as collateral for perpetual trading, instantly boosting its utility. Trading activity responded fast. Daily volume surged by more than 500%, reflecting both speculative interest and increased market access.

This comes at a pivotal moment for the project, which recently transitioned from an Ethereum Layer-2 solution into a standalone Layer-1 blockchain — a shift that has elevated expectations around long-term network activity.

Technical Breakout Meets Heavy Selling Pressure

On price charts, MOVE finally broke out of a tight consolidation range that had capped price action since mid-December. The token had been oscillating between roughly $0.033 and $0.040 before buyers pushed it higher.

Momentum indicators confirmed the breakout. MACD trended upward and the Stochastic RSI showed strong buyer control. However, the rally quickly ran into resistance near the $0.045 level. Repeated upper wicks on bullish candles signaled that sellers were actively defending that zone, preventing a clean push toward the $0.06 region.

Derivatives data adds another layer of complexity. Long positions now outweigh shorts by a wide margin, with nearly $4 million in leveraged longs versus $2.7 million in shorts. Some traders are reportedly using leverage as high as 50x — a sign of confidence, but also a clear risk. Any sudden deleveraging could accelerate downside moves just as quickly as the rally formed.

Network Metrics Show Mixed Signals

On-chain data paints a more nuanced picture. The number of MOVE holders has steadily increased since early January, reaching over 39,000 wallets. Transaction activity has also stabilized, averaging more than 550,000 transactions per day over the past week.

Also Read: BNB and Ethereum Hit Critical Levels — Is a Major Crypto Move Next?

However, monthly active addresses tell a different story. Active users dropped by roughly 31%, falling to around 14,800. That divergence suggests a smaller user base is generating higher activity — a trend that raises questions about whether the current momentum can sustain itself beyond the listing-driven hype.

MOVE’s rally is backed by a legitimate catalyst, improving market access, and strong short-term momentum. But heavy resistance, aggressive leverage, and declining active users introduce real risks. For now, MOVE sits at a crossroads — caught between growing adoption narratives and warning signs beneath the surface.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.