On December 24, Movement (MOVE) price surged approximately 13% in a single day, attracting market attention. Data shows that MOVE’s trading volume in the past 24 hours nearly exploded by 400%. Among the mainstream CEXs, the MOVE/USDT trading pair saw spot trading volume on that day reach six times the 20-day average, indicating a significant increase in short-term capital activity. This trend is especially noticeable on the eve of low-liquidity holidays and has led many investors to discuss whether MOVE is experiencing a trend reversal.
However, based on on-chain data and sentiment indicators, this rebound appears to be more of a technical rally. Data shows that the number of active addresses (DAA) did not increase simultaneously, and the weighted sentiment indicator (WSI) has remained low recently, suggesting that market sentiment has not significantly improved. On December 23, MOVE’s dormant circulation (MDC) briefly increased, but the average coin age (MCA) continued to slowly rise, indicating that long-term holders have not been selling off in large quantities, nor has there been a noticeable turnover.
From a longer-term perspective, the overall trend of MOVE remains weak. Since January 2025, MOVE has been in a continuous downtrend, without benefiting from Bitcoin’s rebound rallies in June or September. After a sharp decline on October 10, the market structure further weakened. Currently, MOVE’s circulating supply accounts for only about 28% of the total supply. Token unlock pressures and the lack of clear positive catalysts are considered key factors limiting price recovery.
Although the increase in trading volume and open interest has short-term bullish implications, the technical structure has not yet reversed. Similar situations have occurred multiple times before, such as on November 22 and December 14, when MOVE experienced intraday rebounds of over 50%, but quickly retreated in the following days, with the overall downtrend continuing. Based on the price trend, on-chain indicators, and historical performance, this recent rally aligns more with a short-term rebound, providing a reference for both risk and opportunity in bearish trading strategies.
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