ulysse rear suspension problems

Hi, i have a 96 p 1.9td ulysse, over the past few months a knocking has appeard and now got seriously noisey,i changed shocks, realigned exhaust checked rear brakes, when in the process of doing this i checked the wheel for play, nothing there although it actually moves up more than what it should in my opinion(put both hands under wheel and lift), then when let go comes down with a thud, the oposite side does not do this, should this side??

it actually moves the entire axle.

thanks for your help in advance.

sd