The MOVE token, native to the Movement Labs ecosystem, saw a noticeable spike in trading activity following the official launch of its long-anticipated MoveDrop airdrop claim website. While the token continues to trade well below its former highs, the airdrop rollout has renewed interest in the Movement Network.
As of writing, MOVE is trading at $0.1685, down 7% over the last 24 hours and over 30% for the month, reflecting continued downward pressure. The token has lost nearly 88% of its value since peaking at $1.45 in December 2024, highlighting the challenges it has faced in a shifting market.
Airdrop Goes Live Amid Trading Rebound
On May 26, the Movement Industries Foundation announced that the mainnet phase of the MoveDrop airdrop was officially live. Eligible users can now connect their wallets and claim MOVE tokens directly through the Movement Network. The initiative aims to reward early supporters and reignite interest in the platform’s applications, including DeFi tools, NFT collections, and AI-based features.
The announcement has already sparked a 58% increase in MOVE’s spot trading volume, which hit $43.2 million over the past day. Derivatives markets also reacted, with Coinglass data showing a 118% surge in derivatives volume, totaling $152 million. However, open interest slightly declined, suggesting that most traders are not yet taking long-term positions and may be looking for quick gains.
Technical Picture: Weak Trend, Hints of Stabilization
From a technical standpoint, MOVE remains in a consolidation phase, with no confirmed reversal yet. The Relative Strength Index (RSI) sits at 35, near oversold territory, and the MACD has started to flatten potential signs that the intense selling pressure may be slowing.
Despite the momentary optimism, all major moving averages still slope downward:
- The 10-day EMA at $0.181
- The 20-day EMA at $0.190
- The 50-day EMA at $0.239
These levels represent key resistance zones in the short and medium term. For a meaningful recovery, MOVE would need to break above $0.19, reclaim key averages, and maintain volume above current levels. If successful, this could open the door to a move back into the $0.22–$0.25 range.
Risks Remain Despite Airdrop Momentum
While the airdrop has brought short-term activity back to the platform, downside risks remain. A breakdown below $0.16 could see MOVE retest support at $0.15 or lower, especially if the rally fails to sustain momentum or if sell-offs continue in the broader market.
Still, the Movement team is betting on renewed community engagement and product utility to stabilize the ecosystem. Their DeFi rewards campaign, which includes up to 250 million MOVE in incentives, alongside NFT integrations and AI-powered dApps, signals a strong push to reshape narrative and usage beyond price speculation.
The launch of the airdrop claim portal may serve as a turning point for Movement Labs, but for MOVE to reverse its steep decline, it must overcome significant technical resistance and regain investor trust. With trading volumes rebounding and ecosystem incentives in place, the next few weeks will be critical in determining whether the current uptick leads to sustainable growth or fades into another short-lived spike.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
