PROM V-Reversal: +24% to $4.92, OI +26.7%, Shorts Squeezed
PROM flips from flush to squeeze
PROM traded at $4.92 on Binance at the time of writing, up 24.3% over the past 24 hours. The move completes a fast round trip. Two days ago the token dropped 14.6% to $3.91 while open interest shrank 20.7%, and traders who added shorts on that breakdown are now the ones paying. The 24-hour range on Binance ran from $3.93 to $5.09, so the entire recovery happened inside one session. Bitget and Gate show the same tape at $4.92, which rules out a single thin order book driving the print.
Open interest rebuilds as fresh longs return
Total open interest across tracked venues stands at $28.1M, up 26.7% in 24 hours. Binance holds $16.0M of that and grew 26.2%, while MEXC added 45.5% on a smaller base. The structure differs from the August 25 rally, when funding was already negative and the move carried a squeeze flavor from the start. This time funding sits flat at 0.005%, which suggests longs are opening at spot-like cost instead of paying a premium for leverage. That is the signature of a directional bet, not a crowded chase.
Short liquidations tell the direction
PROM liquidations over 24 hours came to $833K, and 84% of that hit shorts, $700K versus $133K for longs. On a $28M open interest book this is a modest cleanup rather than a violent cascade. It fits the picture of a controlled squeeze: enough shorts were forced out to fuel the push, but no exchange-level liquidation cluster shows up in the largest single trades, and no venue absorbed an outsized share of the damage.
What to watch next
The immediate resistance is the $5.09 high from this session. If funding turns positive while price holds above $5, the move starts to look like a fresh long build instead of a short covering bounce. If open interest stalls while price keeps climbing, that would point to liquidation-driven buying with no follow-through. The MEXC book, which went against the trend with a 45.5% OI increase, absorbed the flow and is the venue to track for whether this rotation has legs.
Data as of 01:35 Beijing time, covering Binance, Bybit, Bitget, Gate, MEXC, KuCoin and other major exchanges.