altcoin
Momentum, a DeFi ecosystem built on the Sui blockchain, is seeing its native MMT token outperform the broader crypto market, jumping more than 77% in the last 24 hours. The sharp rally pushed MMT to around $0.35, lifting its seven-day gain above 90%.
So, what is driving this sudden rally?
The primary reason is a sudden surge in trading volume, which recorded $218.84 million, marking a 1,230.05% jump.
Meanwhile, Momentum’s 24-hour futures volume has reached nearly $878 million, while spot volume stands at around $218.84 million.
Binance, OKX and Bybit are recording strong MMT/USDT activity, with Binance alone showing more than $330 million in 24-hour volume. This is significant compared with MMT’s roughly $68 million market cap, suggesting that a large amount of fresh capital is moving through the token.
This suggests that the rally is being driven by aggressive short-term trading and fresh speculative demand, rather than a slow move caused by low liquidity alone.
Another key reason is the strong liquidation of short positions. Over the past 24 hours, total MMT liquidations reached nearly $6.9 million, with about $5.94 million coming from short positions, compared with roughly $954.9K in long liquidations.
Meanwhile, Binance’s MMT/USDT long-to-short ratio is above 1.26, meaning long positions are clearly outweighing shorts.
Top traders are also leaning bullish, with the Binance top trader position ratio above 1.44. This points to traders positioning for further upside.
Following this massive rally, the key question now is whether Momentum can hold its strong momentum above the $0.30 support and push toward the $0.35-$0.40 zone.
Well, the token is already deeply overbought after gaining more than 150% in the past 60 days, making the rally increasingly extended. For now, trading volume remains the key factor to watch.
If buying volume remains strong, MMT could make another move higher.
However, a break below $0.30 could trigger a quick correction toward $0.25, especially as short-term traders lock in profits.
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