ASTER price risks sliding to $0.70 as bearish sentiment intensifies. Here’s what’s driving the sell-off.
Summary
- ASTER price is retesting the $1.50 neckline of a potential double-top; a break could target $0.70.
- Delisting from DeFiLlama and $12M ASTER transfer to Binance by Galaxy Digital likely fueled selling pressure and market uncertainty.
- Phase 2 released 320M ASTER tokens (~4% of total supply) with no lock-up, adding to bearish sentiment.
Aster (ASTER) price has dropped nearly 30% from its recent peak around $2.30, currently trading near $1.60. The token is now sitting at a critical inflection point, as it retests the neckline support of a potential double-top pattern at $1.50.
Based on the measured move of the formation, a confirmed breakdown below $1.50 could project a decline of roughly the same height as the pattern, pointing toward a downside target near $0.70.
However, if bulls defend this support and trigger a rebound above $1.70–$1.80, it would signal a failed breakdown and could attract short-covering. Such a move might propel ASTER price back toward the range high at $2.30, where the double-top pattern originated.
Why is ASTER price crashing?
The recent drop in ASTER’s price appears to be driven by more than just technical weakness. Several catalysts appear to have amplified the sell-off.
First, Aster’s perpetual data was recently delisted from DeFiLlama after analysts had identified unusual trading volume correlations with Binance, raising concerns about the authenticity of its reported liquidity and potentially inflated trading metrics. Soon after, over 6.1 million ASTER (worth approximately $12 million) were transferred to Binance — a transaction believed to be linked to Galaxy Digital.
Another factor that’s likely weighing on sentiment is the Phase 2 airdrop event, which has made around 320 million ASTER tokens (roughly 4% of total supply, valued near $570 million) claimable as of Oct. 10. Because there’s no lock-up period, recipients can immediately sell their tokens and the market appears to be pricing in that potential flood of supply.
