Aster [ASTER] fell 19% from $1.05 to a two-month low of $0.85, then bounced back to a high of $0.93. At press time, Aster was trading at $0.92, down 7.92% for the day and 18% for the week.
Why is Aster down today?
The sharp drop came after rumors spread that Binance Founder Changpeng Zhao (CZ) had sold 35 million Aster tokens worth around $30 million. These unverified claims caused panic among investors, leading to aggressive selling and a steep price decline.
However, several blockchain monitors later challenged these claims, saying the alleged transfer was actually just a movement between internal exchange wallets, not CZ’s personal holdings. After this clarification, Aster began to recover gradually as the panic selling subsided.
Massive Spot Sell-off and Market Reaction
After the sell-off rumors, Aster saw a surge in activity in the spot market. According to data, Aster recorded over $107 million in sell volume compared to $103 million in buy volume within 24 hours. This negative delta indicated strong selling pressure.
Additionally, major Aster addresses sold off more than 35 million tokens, adding to the downward momentum. Historically, such large sell-offs by top holders often lead to longer periods of price weakness.
Futures Market Turbulence
The futures market reflected this attitude. Liquidations hit a two-week high of $8.5 million, wiping out long positions worth $8.2 million. Futures netflows also turned negative, showing increased bearish sentiment among traders.
Can Aster Recover?
Technically, indicators show that the Stochastic RSI dropped from 26 to 12 and the Relative Vigor Index turned negative, indicating growing seller control. If this pressure keeps up, Aster may find support near $0.9.
However, if buyers regain control and absorb the selling pressure, a recovery toward the $1 resistance level is possible, especially as the disputed rumor loses credibility and confidence returns to the market.
