Co-founder suspension causes a 20% drop in Movement's price; traders flock to Solana L2 for potential 100x gains.
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The price of MOVE plunged over 20% in the last 24 hours, trading at $0.2049 as of 6:20 a.m. EST. This steep drop follows the suspension of Movement Labs co-founder Rushi Manche due to a market-making scandal.
MOVE Management Confirms Suspension:
Will MOVE Find Stability?
The MOVE price is hanging on to a key support level at $0.1886. If it falls below, a quick dive to the short-term support at $0.1180 is a possibility. If traders see this dip as a buying opportunity, MOVE might make an attempt to challenge the resistance at $0.2646, potentially flipping it to a support level. Subsequent resistance lies at $0.3514.
Technicals Indicate Further Decline
Technical indicators on the daily chart suggest further drops for MOVE. The MACD line has started to fall toward the MACD Signal line, indicating a possible impending bearish trend. Additionally, the RSI reads around 33, showing overwhelming bearish strength, suggesting MOVE may continue to slide. However, the RSI also indicates MOVE is in oversold territory, which could lead to a potential recovery.
Meanwhile, Investors Pile into Solaxy Presale
Despite MOVE's challenges, interest in Solana-based Solaxy (SOLX) is growing. With Solana confronting congestion due to the meme coin craze, Solaxy aims to bring layer-2 technology to the network, boosting efficiency and lowering network fees. The presale for SOLX is proving popular, having raised over $32.7 million, making it one of the most successful presales this year.
Solaxy's Promise to Solana
Solaxy's goal is to scale Solana through layer-2 technology and bridge the gap to Ethereum. By doing so, it aims to create a new Web3 platform for DApp and meme coin developers. The SOLX token will serve as the primary transaction medium within the platform, increasing its utility.
With MOVE facing tough times, investors are flocking to the Solaxy presale. So if you're looking for a new opportunity, consider jumping on board with Solaxy.
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- Amidst MOVE's struggles, altcoin investors are increasingly showing interest in Solaxy, a Solana-based project.
- Solaxy aims to enhance Solana's performance by integrating layer-2 technology and potentially bridging the gap to Ethereum.
- Traders might be rebuffing MOVE due to its current market conditions as they pile into Solaxy's presale, which has already raised over $32.7 million.
- Despite MOVE's significant price movement as of 2025, the validation of new technologies like Solaxy's could open new opportunities for finance and investing in the coming years.
