Key Takeaways:
- MMT rose 77% to $0.35 in 24 hours, lifting seven-day gains above 90%
- Trading volume jumped 1,230% to $218.84 million, led by Binance at $330 million
- Short liquidations of $5.94 million fueled the rally; $0.30 support is key
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Momentum MMT jumps 77% as Sui DeFi trading volume spikes
MMT, the native token of Momentum DeFi on Sui, rose 77% to $0.35 in 24 hours, lifting seven-day gains above 90%.
The rally was driven by a surge in trading volume, which reached $218.84 million over 24 hours, a 1,230.05% jump, according to CoinGecko data. Binance, OKX and Bybit recorded strong MMT/USDT activity, with Binance alone showing more than $330 million in 24-hour volume against MMT's roughly $68 million market cap.
Total MMT liquidations reached nearly $6.9 million in the past 24 hours, with about $5.94 million from short positions versus roughly $954,900 in long liquidations, per Coinglass. Binance's MMT/USDT long-to-short ratio stood above 1.26, while the top trader position ratio exceeded 1.44, indicating traders are positioning for further upside.
The token is deeply overbought after gaining more than 150% in the past 60 days. If buying volume remains strong, MMT could push toward the $0.35-$0.40 zone, but a break below $0.30 support could trigger a correction toward $0.25 as short-term traders lock in profits.
Momentum is a DeFi ecosystem built on the Sui blockchain. The protocol's 24-hour futures volume reached nearly $878 million, while spot volume stood at around $218.84 million, per exchange data. The volume-to-market-cap ratio of roughly 3.2x on spot alone points to a large amount of fresh capital moving through the token.
The trading pattern — futures volume nearly four times spot volume — suggests aggressive short-term speculation rather than organic protocol usage is driving the move. This is consistent with the liquidation data: short sellers were caught off guard as the token broke higher, forcing $5.94 million in short liquidations that added fuel to the rally.
The sharp move highlights growing interest in Sui's DeFi ecosystem. MMT's 77% single-day gain has outpaced the broader crypto market, which has seen more muted moves over the same period. The token's market cap of roughly $68 million remains small relative to the trading volume, a characteristic that can increase price volatility in either direction.
For traders, the key level to watch is $0.30. A sustained close above this support with continued volume could extend the rally toward $0.40. However, the token's 150% gain in 60 days leaves it vulnerable to profit-taking, and a break below $0.30 could accelerate selling toward $0.25.
This article is for informational purposes only and does not constitute investment advice.
