Key Insights:
- ASTER price nears the $1.50 neckline, signaling risk of a deeper fall toward the $0.70 target if support fails.
- DeFiLlama delisting and a $12M token transfer linked to Galaxy Digital amplified negative sentiment across markets.
- The Phase 2 release of 320M tokens without lock-up fueled additional supply pressure and accelerated market selling.
Aster’s market value has declined nearly 30% from its recent high of around $2.30, currently trading close to $1.60. The token is testing a key support near $1.50, which traders view as the neckline of a potential double-top pattern. A confirmed breakdown below this level could open the path toward a downside projection near $0.70.
The technical setup around the $1.50 level has become a focal point for traders. If sellers push prices below this line, the pattern’s measured move indicates a deeper correction. However, a rebound toward $1.70 to $1.80 could invalidate the breakdown and trigger short-covering. Such movement may pull the price back toward the $2.30 range, where the pattern initially formed.
Liquidity Concerns Arise After DeFiLlama Delisting
Market sentiment weakened after Aster’s perpetual data was removed from DeFiLlama. Analysts had identified unusual trading activity that appeared correlated with Binance volumes, prompting questions about the accuracy of its reported liquidity. The delisting coincided with a transfer of about 6.1 million ASTER tokens—worth approximately $12 million—to Binance. Market observers linked the transaction to Galaxy Digital, which added uncertainty to the token’s short-term outlook.
In addition to the liquidity concerns, the Phase 2 airdrop event has introduced a fresh supply into the market. About 320 million ASTER tokens, equivalent to nearly four percent of the total supply, became available for claim on October 10. The absence of a lock-up period means holders can immediately sell, increasing the risk of heightened supply pressure.
Investor Sentiment Turns Defensive
The combination of delisting, large token movements, and new supply has intensified bearish sentiment. Trading volumes reflect growing caution as participants reassess the token’s fair value amid increased selling momentum. Market focus now remains on whether the $1.50 level can hold as support or if a sustained break will confirm a deeper downtrend toward the projected $0.70 mark.
