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The Movement price plummeted over 20% in the last 24 hours to trade at $0.2049 as of 6:20 a.m. EST.
The steep drop in the MOVE price comes after Movement Labs confirmed that its co-founder, Rushi Manche, was suspended following a market-making scandal.
We confirm that Rushi Manche has been suspended from Movement Labs. This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker.
— Movement (@movementlabsxyz) May 2, 2025
Movement Price Resting On Support – Will It Hold?
Daily chart for MOVE/USD (Source: GeckoTerminal)
The Movement price is resting on a key support level at $0.1886, data from GeckoTerminal shows. Should the crypto fall below this technical safety net, it might be at risk of plunging to the next support at $0.1180 in the short term.
That bearish move might not happen if traders identify the current Movement price as a buy opportunity. In this more optimistic scenario, the crypto might try to challenge the resistance at $0.2646 and flip the level into support. If it succeeds in overcoming this barrier, MOVE could eye the subsequent resistance at $0.3514 if the potential bullish pressure persists.
Technicals Warn The Movement Price Might Keep Dropping
Technical indicators on the daily chart such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) warn the Movement price might drop some more in coming 24 hours.
Over the past 48 hours, the MACD line has started to drop towards the MACD Signal line. This could indicate that the Movement price will enter a bearish trend soon. Traders will want to watch out for a cross between the MACD and Signal line in the next few hours. If the prior drops below the latter, it could indicate the start of a short-term downward trend.
Buyers have also lost some of their buying power in the last few hours, as indicated by the drop in RSI readings. Currently standing at around 33, the indicator’s latest value suggests overwhelming bearish strength.
It also signals the Movement price is in oversold territory, which is a bullish signal. If traders act on the signal and start to buy, the crypto could start to climb. However, with the looming bearish trend suggested by the MACD line movements, it seems a drop is more likely.
While the Movement price clings to support, investors are piling into the presale for new Solana token Solaxy (SOLX). Popular YouTube channel 99Bitcoins, which has over 725K subscribers, predicts SOLX could soar 100X after its launch.
Solana About To Get Its Biggest Upgrade To Date
The Solana network faces high levels of congestion following the recent meme coin hype. With so many tokens all fighting for computational resources, the immense strain on the network could result in another Solana blockchain outage if something does not change soon. This is where Solaxy comes in.
Solaxy aims to bring layer-2 technology to the Solana ecosystem, and will be the first SOL-focused scaling project. It will work similar to other layer-2 solutions in the Ethereum ecosystem such as Arbitrum and Optimism, and will bundle transactions off of the Solana mainnet. It will then only call on the layer-1 chain for final validation.
Soalxy’s approach to transaction processing will increase overall efficiency on the Solana network. It will also keep network fees low while boosting the already-fast blockchain’s processing times.
In addition to scaling Solana, Solaxy will connect the blockchain with the Ethereum network through bridging technology as well. This will lead to the creation of a new Web3 platform that is capable of meeting the growing needs of decentralized app and meme coin developers. SOLX will then serve as a main transaction medium within the platform, giving it high levels of utility.
Solaxy Presale Goes Parabolic
Solaxy is pulling investors in at a rapid pace through its ongoing ICO. So far, the project has already raised more than $32.7 million, making it one of the most successful presales of the year.
Selling for $0.001712, SOLX can be bought with both crypto and bank card. Tokens can also be staked in the project’s presale staking pool for a 123% annual return.
Buyers looking to secure the best deal will want to act fast, because SOLX’s price will increase as its presale progresses. The next price hike is scheduled in a little more than 1 day.
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