I was just staring at PROM’s price action for a moment, and something interesting happened.
Over the last 24 hours it rose 38%, bottoming around 2.622, then rebounded all the way up to nearly 4. This kind of V-shaped rebound isn’t uncommon, but today the trading volume that accompanied it is really extraordinary—just in the past few hours of candles, the volume on each one has been several times that of the earlier ones.
What’s interesting is the long/short structure: currently, short positions make up 56%, while longs are only 44%. In other words, most people using leverage are still betting that it will drop, but the price has already slapped them.
This combination of “shorts leaning more, but price surging hard” often leads to a short squeeze—shorts can’t hold on and are forced to stop out and close positions, and the closing itself pushes the price higher, creating a chain reaction.
The funding rate is only 0.005%, with almost no long-side premium, which suggests this rally wasn’t inflated by leverage piling on. Instead, it’s being driven by real spot buying.
It’s already risen quite a bit, so chasing higher should be done cautiously. But if volume continues to expand and short positions start to shrink, there could still be further upside. Keep an eye on whether it can hold above the 3.8 level.
All in all: big rally + shorts in control + a normal funding rate is a combination worth watching—don’t rush to conclusions yet.
$PROM #逼空行情 #成交量放量
Click the small card below to quickly check the chart👇
Over the last 24 hours it rose 38%, bottoming around 2.622, then rebounded all the way up to nearly 4. This kind of V-shaped rebound isn’t uncommon, but today the trading volume that accompanied it is really extraordinary—just in the past few hours of candles, the volume on each one has been several times that of the earlier ones.
What’s interesting is the long/short structure: currently, short positions make up 56%, while longs are only 44%. In other words, most people using leverage are still betting that it will drop, but the price has already slapped them.
This combination of “shorts leaning more, but price surging hard” often leads to a short squeeze—shorts can’t hold on and are forced to stop out and close positions, and the closing itself pushes the price higher, creating a chain reaction.
The funding rate is only 0.005%, with almost no long-side premium, which suggests this rally wasn’t inflated by leverage piling on. Instead, it’s being driven by real spot buying.
It’s already risen quite a bit, so chasing higher should be done cautiously. But if volume continues to expand and short positions start to shrink, there could still be further upside. Keep an eye on whether it can hold above the 3.8 level.
All in all: big rally + shorts in control + a normal funding rate is a combination worth watching—don’t rush to conclusions yet.
$PROM #逼空行情 #成交量放量
Click the small card below to quickly check the chart👇
