Momentum Token Rockets 77% on Binance Frenzy and Short Squeeze

Momentum (MMT), the native token of a DeFi ecosystem built on the Sui blockchain, has seen its price surge by more than 77% in the last 24 hours. This rapid increase pushed MMT's seven-day gain above 90%, with the current price hovering around $0.35. The sharp rally is being driven by a significant spike in trading volume, which recorded $218.84 million, marking a 1,230.05% jump.

The majority of this activity is taking place on Binance, where MMT/USDT trades are seeing more than $330 million in 24-hour volume. This influx of fresh capital suggests that aggressive short-term trading and speculative demand are driving the rally, rather than a slow move caused by low liquidity alone.

Another key factor contributing to the rally is the 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 to roughly $954.9K in long liquidations. This indicates that top traders are leaning bullish, positioning for further upside.

While Momentum's rally is impressive, it's worth noting that the token is already deeply overbought after gaining more than 150% in the past 60 days. As such, a break below $0.30 could trigger a quick correction toward $0.25, especially as short-term traders lock in profits.