Aster Price Jumps Over 18% on Wednesday
Aster (ASTER) rose more than 18% on Wednesday, trading above $2.34. The increase is driven by strong demand from large investors, also known as whales. The token is part of a new decentralized exchange (DEX) for perpetual contracts.
Whales Drive Demand and TVL Hits Record $1.85 Billion
Data from SpotOnChain shows several large wallets buying and withdrawing millions of ASTER tokens. For example:
- Wallet “0xFB3” deposited $73.95 million in USDT and withdrew 24 million ASTER tokens worth $46.6 million.
- Wallet “0x5bd” withdrew 6.72 million ASTER tokens valued at $13 million.
- Wallet “0x8bc” swapped $1.19 million USDT for 595,580 ASTER tokens at $2 each.
- Wallet “0x5e3” exchanged 1,090 Binance Coin (BNB), worth $1.11 million, for 549,194 ASTER tokens.
Aster is a DEX supported by YZi Labs, formerly Binance Labs. It runs on the BNB Chain and competes with other DEXs like PancakeSwap and Venus. The Total Value Locked (TVL) in Aster’s DeFi platform reached a record $1.85 billion. Before the official launch, TVL was about $347 million on September 1. This sharp rise shows growing investor trust in Aster.
Technical Outlook: Market Shows Signs of Overheating
Aster hit a new high of $2.43 on Wednesday but pulled back slightly to $2.34. The Relative Strength Index (RSI) is at 78, indicating strong buying pressure but also an overheated market. High RSI levels often signal a possible price correction soon.
Key price levels to watch are $2.14, a recent resistance point, and $1.90, a support level tested earlier.
