In a significant development that has caught the attention of crypto traders, Movement Labs has moved a massive 45 million MOVE tokens from Binance into its Strategic Reserve wallet. Valued at around $7.85 million, the transfer occurred on July 1st and was executed in multiple batches of 5 to 10 million tokens, according to blockchain tracking platform Onchain Lens. The move increased the total holdings in Movement Labs’ reserve wallet to 168 million MOVE tokens, with a combined estimated value exceeding $28 million. However, despite the substantial accumulation, the wallet currently reflects an unrealized loss of approximately $7.77 million, raising questions about the broader strategy behind this transfer.

While large token movements from centralized exchanges often trigger fears of a sell-off, this particular transaction appears to be a part of Movement Labs’ ongoing treasury management strategy. Analysts suggest the transfer is more likely intended to support ecosystem operations, staking initiatives, or future development plans rather than indicate immediate selling pressure. The consistent pattern of deposits into the Strategic Reserve wallet reinforces the idea that the tokens are being held for internal use, possibly to stabilize the token’s market position amid current volatility.

From a technical standpoint, MOVE has recently shown signs of a bullish turnaround. The token managed to break out of a descending trendline and held its ground after retesting support near the $0.165 level. This successful retest marked a change in market structure, leading to a rally that pushed the price up toward $0.175. If bullish momentum continues, analysts believe the price could climb to $0.185 and possibly challenge resistance levels closer to $0.195 or even $0.25. However, much of that depends on whether current buying interest can be sustained.

Key indicators are flashing mixed signals, with the MACD (Moving Average Convergence Divergence) showing signs of an imminent bullish crossover. If the MACD line crosses above the signal line, it would typically confirm a decrease in bearish momentum and potentially trigger a price rally. In that case, MOVE might reclaim the midline of the Bollinger Bands, a technical level that often serves as a pivot point for further upward movement. On the flip side, if the bullish crossover fails to materialize or the price weakens, MOVE may revisit earlier support levels between $0.168 and $0.165. A break below this zone could open the door for a drop back to $0.16 or lower, temporarily disrupting the upward momentum.

Meanwhile, on-chain data from CoinGlass reveals that short sellers have recently faced heavy losses as MOVE’s price surged from $0.16 to $0.175. The liquidation heatmap highlighted a dense cluster of short positions between $0.165 and $0.172, most of which were wiped out as bullish momentum strengthened. This liquidation wave suggests a possible short squeeze, which typically fuels additional upward price action as bearish traders are forced to cover their positions. However, above the $0.176 level, new layers of liquidity indicate that more short positions are being placed. If MOVE breaks past this resistance level, it could set off another round of liquidations, potentially driving the price even higher in a cascading effect.

Despite the positive outlook, some caution is warranted. Liquidity under $0.17 remains relatively thin, which could pose risks in the event of a reversal. Nonetheless, a secondary support cluster around $0.165 may provide a cushion against sharper drops. Ultimately, the $0.176 resistance level has emerged as a critical pivot point. A successful breakout and sustained close above this line could reinvigorate bullish sentiment and accelerate the next leg up.

In summary, Movement Labs’ decision to move millions in MOVE tokens to its reserve has fueled fresh optimism in the crypto space. The combination of bullish technical signals, strong on-chain activity, and significant short liquidations points toward the possibility of an extended rally. However, traders will need to watch key support and resistance zones closely in the coming days to determine whether the bulls can maintain control—or if the bears are waiting to strike back.