Aster has fallen nearly 30% from its recent peak of around $2.30 and is currently trading near $1.60. The token is approaching a critical juncture, retesting the neckline support of a potential double-top pattern at $1.50.
If this support breaks, the measured move of the pattern suggests a decline of similar magnitude, putting a downside target near $0.70.
On the other hand, if buyers defend $1.50 and push ASTER back above $1.70–$1.80, it would indicate a failed breakdown. This could trigger short-covering and potentially drive the price back toward the range high of $2.30, where the double-top initially formed.
Why is ASTER price falling?
ASTER’s recent decline seems to be driven by more than just technical factors, with several catalysts intensifying the sell-off.
Recently, Aster’s perpetual data was delisted from DeFiLlama after analysts flagged unusual trading volume correlations with Binance, raising concerns over the authenticity of its reported liquidity and potentially inflated metrics. Shortly after, over 6.1 million ASTER tokens (worth around $12 million) were moved to Binance in a transaction reportedly linked to Galaxy Digital, adding further pressure on the token.
Another factor dampening sentiment is the Phase 2 airdrop, which has made approximately 320 million ASTER tokens—about 4% of the total supply, valued at roughly $570 million—claimable as of October 10. With no lock-up period, recipients can sell their tokens immediately, and the market seems to be factoring in this potential surge in supply.
