Long article:
ASTER has recently increased by nearly 15% in the past hour, indicating a dynamically active period for this decentralized financial platform based on Solana. Let's explore the situation closely.
1. Project capabilities: Aster is a decentralized financial platform built on the Solana network, backed by strong support, and features ambitious qualities such as 1000x leverage. It also attracts users' attention through airdrop distribution campaigns and high trading volumes.
2. Market concerns: The token faces scrutiny over the validity of trading volumes, a large accumulation of the token in a few wallets, and significant recent sell-offs from whales that caused its price to drop by approximately 30% from its peak.
3. Technical rebound: Despite recent volatility and the warning regarding the "initial classification", ASTER showed a strong short-term rebound with a 15% increase in an hour, a positive MACD indicator, and high trading volumes, although indicators suggest a state of saturation.
Positives
1. Project strength: The Aster platform is a decentralized financial platform built on the Solana network, offering ambitious features such as multi-chain operations and 1000x leverage for trading symbolic stocks. It also enjoys significant backing from YZI Labs, consultants with strong industry connections, as well as notable metrics including trading volume exceeding $2 trillion and open interest of $5 billion.
2. Airdrop incentives: The second phase of ASTER distribution, which began its distributions on October 14, is considered one of the key factors to stimulate community engagement through advanced reward mechanisms. There are also speculations about the possibility of using trading fees for symbolic purchases to support value post-airdrop.
3. Technical rebound: The price of ASTER rose by approximately 15% during the past hour, recording $1.782. This rise is supported by a strong bullish MACD indicator and large trading volumes, suggesting renewed buying interest and potential for continued growth in the short term.
Risks
1. Concerns about trading volumes: ASTER faced scrutiny after the DeFiLlama platform removed its data due to significant similarities with trading volumes on centralized exchanges, raising questions about the validity of trading on decentralized market platforms. Furthermore, six wallets control about 88% of the supply, including a "treasury" wallet linked to a centralized exchange that has not been acknowledged by the team.
2. Whale selling pressure: Reports indicate that a large address sold 14.06 million ASTER tokens (valued at $28.2 million) over three days, coinciding with a price drop of 29.6% from its peak. This situation, along with rising volatility (ATR 0.071) and an overstretched price above the Bollinger range, indicates significant risks from selling pressure.
3. Initial classification and volatility: ASTER carries an "initial classification" from its recent listing, indicating low liquidity and high volatility. Despite the recent rise, EMA indicators suggest a continued negative outlook in the short term, and past price movements indicate its fragility against rapid declines.
Community direction
1. Mixed sentiment: The community sentiment is divided, as many users express their bullish confidence and urge others to "buy the dip" despite whale sell-offs and recent declines, expecting the price to reach record levels.
