Aster Price Surges 20% Amid Soaring Perpetual Trading Volume

Summary:
The price of Aster has risen significantly as the decentralized finance sector flourishes, elevating its perpetual trading volume beyond that of Hyperliquid. Over the past 24 hours, Aster's value has climbed by 20%, reaching $2.04 and briefly touching a new all-time high of $2.12. This article examines the technical and market factors contributing to Aster's surge.

Key Takeaways

Aster's price rose by 20% to $2.04, with a peak of $2.12.
Market capitalization now stands at $3.37 billion, with a fully diluted valuation of $16.29 billion.
Trading volume increased by 32.6% to $2.58 billion, indicating heightened market activity.
Aster leads the decentralized finance (DeFi) space with $21.89 billion in daily trading volume.
Strong trading metrics suggest new investments rather than mere position adjustments.

Aster price chart showing rally

Aster’s DeFi Momentum

Aster's growth is reflected in its on-chain activity. According to data from DefiLlama, Aster leads all perpetual decentralized exchanges (DEXs) with a whopping $21.89 billion in 24-hour trading volume—this is over double that of Hyperliquid, which recorded $9.72 billion. Additionally, spot DEX trading hit $544 million.

In just one day, fees collected amounted to $7.12 million, indicating stronger user engagement within the ecosystem. As a result, the total value locked in Aster has surpassed $1.79 billion.

Supporting this rally is a unique combination of fundamental developments and market speculation. On September 17, former Binance CEO Changpeng Zhao praised Aster’s launch, triggering excitement for its pre-swap APX token, which rapidly surged by 452% within 48 hours.

Furthermore, on September 19, Binance launched perpetual trading for ASTER at 50x leverage, boosting liquidity and igniting speculation about a potential spot listing, thus adding additional momentum. Confidence in Aster has also grown due to recent utility enhancements, including governance voting, staking discounts, cross-chain collateral, and a $50 million fee buyback initiative.

Aster Price Technical Analysis

Currently, ASTER is trading near the upper Bollinger Band on the one-hour chart, suggesting that buyers maintain control over the price action. The first resistance level to watch is the recent peak of $2.12. Specifically, immediate support lies at $1.78, with the Bollinger midline, sitting at $1.96, also being a vital observation point.

Aster price gains another 20% as it surpasses Hyperliquid in 24-hour perps volume - 1 Aster 1-hour chart. Credit: crypto.news

The relative strength index stands at approximately 62, revealing bullish momentum that has yet to enter overbought territory. A move above 70 may indicate overheating conditions, while a dip below 55 could weaken the bullish trend.

If ASTER maintains its position above $1.96, the next price targets lie between $2.20 and $2.30. However, if it fails to break through the $2.12 resistance, we might see a pullback towards the downside risk level of $1.78.