PROM surges over 300% – Investors need to stay cautious as rally accelerates

Prom [PROM] remains one of the leading crypto assets in the market, with the asset delivering a 48% gain in the past 24 hours alone.

The surge in gains has been a build-up of weeks of bullish performance in the market. To put this into perspective, the asset has accrued a 176% gain in the past seven days, while that figure nearly doubled to 326% over the last 30 days, according to the CoinGlass performance chart.

At the time of writing, PROM’s outlook appears bullish, with the asset seeing capital flow across the market. Both the Spot and perpetual markets have recorded major capital inflows. However, funding data revealed a trend that could impact the market’s direction in the near term.

Capital flow is bullish

At the time of writing, there has been a flow of roughly $5.47 million in net inflow, supporting the buy side. This suggests that the market is likely to trend further upward.

The flow of capital on the buy side of the perpetual market has lasted for an extended period.

In fact, netflow data shows that traders recorded roughly $16.8 million in netflow over the last five days, with net buys reaching approximately $463.89 million against $480.72 million in sells.

Traders also pushed capital through the Spot market, although the flow remained smaller over the shorter timeframe. Over the last 12 hours, the Spot market recorded roughly $239,940 in netflow, alongside about $7.13 million in buy volume.