Aster Cools After Surge, But Fundamentals Suggest Ongoing Momentum
The Aster price surge has faced a retreat in the last two days, declining from last week’s peak of $2.2738 to $2. This drop happened even as its key metrics continued to rise, reaching all-time highs and surpassing Hyperliquid.
Summary
- Aster’s price has pulled back to $2 after reaching $2.27 last week, while on-chain and trading metrics are hitting record highs.
- The perpetual futures exchange—backed by Binance founder Changpeng Zhao—saw over $571 billion in weekly volume, significantly outpacing Hyperliquid, which had a volume drop to $49 billion. Aster’s fees increased to $109 million, with a total value locked at $2.3 billion.
- Despite the recent dip, technical analysis suggests that the rally may continue.
Aster surpasses Hyperliquid
Aster (ASTER), a perpetual futures exchange backed by Changpeng Zhao, has demonstrated remarkable growth over the last three weeks, establishing itself as a key contender in the market.
Data from DeFi Llama shows that the network’s volume and fees have surged impressively. Last week, Aster achieved a weekly trading volume of more than $571 billion, a substantial increase from the previous week’s $270 billion.
Three weeks ago, the network processed over $10 billion and $758 billion in the past month. This exceptional growth has led to a significant increase in fees generated, totaling over $109 million last week, compared to $93 million the week prior.
Aster’s total value locked has soared past $2.3 billion, reinforcing its status as a critical player in decentralized finance (DeFi).
In the perpetual futures market, Aster has clearly surpassed Hyperliquid. Reports indicate that Hyperliquid had $49 billion last week, down from $80 billion the week prior, generating less than $20 million in fees.
Aster price technical analysis
The two-hour chart indicates that the Aster Coin price hit a low of $1.5070 on October 1, followed by a recovery to a high of $2.2738 on October 4.
The coin recently surpassed the crucial resistance level at $1.9712, achieved on September 29, and has moved above the 50-period Exponential Moving Average.
The most likely scenario implies that the Aster price will continue to climb as the crypto market rally gains momentum. If this happens, the next level to watch will be last week’s high of $2.2738. A breakthrough beyond this level could signal further gains, potentially aiming for the all-time high of $2.4260.
