Aster (ASTER) has experienced a significant price rally, gaining 20% in the past 24 hours to trade at $2.04, after briefly reaching a new all-time high of $2.12 on September 23 before a slight pullback of about 3.8%. This surge has elevated its market capitalization to $3.37 billion, with a fully diluted valuation of $16.29 billion, reflecting robust investor interest amid broader market uncertainty.
On-chain data from DefiLlama shows Aster leading all perpetual decentralized exchanges (DEXs) with $21.89 billion in 24-hour trading volume, more than double the volume of competitor Hyperliquid (HYPE), which recorded $9.72 billion. Spot DEX trading for Aster reached $544 million, while fees collected hit $7.12 million in a single day, indicating deep ecosystem engagement. The platform's total value locked (TVL) has crossed $1.79 billion, supported by a 28.28% increase in open interest to $1.11 billion and a 32.54% rise in derivatives volume to $8.94 billion, according to CoinGlass.
The momentum is fueled by fundamental drivers, including an endorsement from former Binance CEO Changpeng Zhao (CZ) on September 17, which sparked a 452% surge in its pre-swap APX token within 48 hours. Additionally, Binance launched ASTER perpetuals with 50x leverage on September 19, boosting liquidity and fueling speculation about a potential spot listing. Utility expansions, such as governance voting, staking discounts, cross-chain collateral, and a $50 million fee buyback program, have further strengthened confidence.
Technical analysis indicates bullish control, with ASTER trading near the upper Bollinger Band on the one-hour chart. The relative strength index (RSI) at 62 suggests sustained momentum without overbought conditions. Key resistance lies at $2.12, with support at $1.78; maintaining above $1.96 could target $2.20–$2.30, while a break below may lead to a pullback. Earlier, on September 23, Aster had rallied 16% to $1.62, defying market weakness, with the Chaikin Money Flow indicator showing strong inflows and a bullish hammer formation hinting at upside potential.
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