Aster Cools Post-Surge, But Fundamentals Suggest Ongoing Momentum
The Aster price surge has seen a setback in the last two days, dropping from last week’s high of $2.2738 to $2. This decline occurred even as key metrics continue to rise, reaching all-time highs and outpacing Hyperliquid.
Summary
- Aster’s price has decreased to $2 after reaching $2.27 last week, while on-chain and trading metrics have hit record highs.
- The perpetual futures exchange, backed by Binance founder Changpeng Zhao, reported a weekly volume exceeding $571 billion, outperforming rival Hyperliquid, which saw a decrease to $49 billion. Aster’s fees surged to $109 million, with total value locked at $2.3 billion.
- Despite the recent drop, technical indicators suggest a potential resumption of the rally.
Aster overtakes Hyperliquid
Aster (ASTER), a perpetual futures exchange backed by Changpeng Zhao, has demonstrated remarkable growth over the past three weeks, establishing itself as a frontrunner in the market.
Data from DeFi Llama reveals a dramatic rise in network volume and fees. Last week, Aster reported a trading volume surpassing $571 billion, a substantial increase from the prior week’s $270 billion.
Three weeks ago, the network handled over $10 billion and saw a total of $758 billion in the last 30 days. This impressive growth has resulted in a significant increase in fees, totaling over $109 million last week, up from $93 million the week prior.
Aster’s total value locked has soared to over $2.3 billion, reinforcing its role as a significant player in decentralized finance (DeFi).
In the perpetual futures sector, Aster has decisively surpassed Hyperliquid. Reports indicate that Hyperliquid recorded $49 billion last week, down from $80 billion the week before, generating under $20 million in fees.
Aster price technical analysis
The two-hour chart shows that Aster Coin’s price dipped to $1.5070 on October 1, before rebounding to a high of $2.2738 on October 4.
The coin recently broke through the significant resistance level of $1.9712, reached on September 29, and has moved above the 50-period Exponential Moving Average.
Most likely, Aster’s price will continue to climb as the overall crypto market rally gathers momentum. If this trend continues, the next target to watch will be last week’s peak of $2.2738. A breakout above this level may signal further gains, potentially aiming for the all-time high of $2.4260.