Aster Plummets 16% as Whale Sell-Off Intensifies — Is $0.85 the Next Stop if $1 Support Crumbles?
The price of Aster [ASTER] has taken a sharp downward turn, dropping nearly 17% in just 24 hours as mounting sell pressure from large holders—commonly known as whales—rattles the market. Over the past few days, these key players have liquidated millions of ASTER tokens, triggering a cascade of negative sentiment that now threatens to push the token below the psychological support level of $1.
Whales Dump Over 17 Million Tokens Amid Market Turmoil
In a dramatic move, two major Aster holders collectively transferred 17.857 million tokens, valued at approximately $22.88 million, to centralized exchanges Binance and Bybit. One whale alone moved 9.575 million ASTER (worth $12.53 million) to Binance, while another sent 8.282 million tokens to Bybit. Such large transfers typically precede market sell-offs, and this case proved no exception.
But this activity is just the tip of the iceberg. Over the last 24 hours, data shows that whales have sold a total of 62.61 million ASTER tokens, highlighting an aggressive liquidation trend that’s placing continued pressure on the token’s price.
Futures Market Adds Fuel to the Fire
It’s not just the spot market that’s seeing red. Futures traders have also been aggressively closing positions, indicating a broader loss of confidence. According to CoinGlass, more than $2.3 billion worth of Futures positions have been unwound in just three days. On October 17, ASTER Futures saw $1.09 billion in inflows versus $1.24 billion in outflows, resulting in a net outflow of $153.99 million. This 132.12% plunge in Futures Netflow underscores the bearish momentum gripping the market.
Such aggressive Futures exits suggest that institutional and leveraged traders are bracing for further declines. In typical market behavior, this kind of Futures-led selling often accelerates downward price action, especially when coupled with large whale sell-offs.
Retail Traders Try to Hold the Line
Interestingly, while whales and institutional players are exiting their positions, retail investors appear to be standing their ground. Spot market data reveals five consecutive days of negative net flows, with exchange outflows exceeding inflows by $22.04 million at the time of writing. This suggests that many small-scale investors are moving their tokens off exchanges, possibly to hold long-term or in anticipation of a rebound.
Historically, declining exchange inflows can sometimes precede price recoveries, as they indicate reduced immediate sell pressure. However, this bullish signal from the retail crowd may not be enough to counteract the overwhelming bearish sentiment driven by large-scale selling.
Technical Indicators Signal Further Downside
Momentum indicators are currently painting a grim picture for ASTER. The Stochastic RSI has plunged to 8.72, deep into oversold territory, while the Relative Strength Index (RSI) has dropped to 39, bordering the oversold threshold. These metrics suggest that sellers are firmly in control and that the current bearish trend may persist.
If the $1 support level fails to hold, technical analysis points to a potential drop toward $0.85 as the next significant support zone. This level could attract buyers, but given current market sentiment, a quick recovery seems unlikely unless broader conditions improve.
What’s Next for ASTER?
The next few days will be critical in determining ASTER’s short-term trajectory. If retail traders can successfully defend the $1 level, there’s potential for a rebound toward the $1.39 region. A breakout above this could see the token revisiting its recent resistance at $1.50.
However, failure to hold the $1 threshold could open the floodgates for further losses. With whales continuing to exit and Futures markets leaning heavily bearish, the likelihood of a dip to $0.85 grows stronger.
Long-Term Outlook: Cause for Concern or Opportunity?
While the current sell-off may seem alarming, some analysts argue that this sharp correction could offer long-term investors an entry point—provided the fundamentals of the project remain sound. Historically, such deep pullbacks have often preceded periods of accumulation and eventual recovery in the crypto space.
Still, caution is warranted. The ongoing whale exodus implies a lack of confidence among major stakeholders, which could signal deeper structural issues or simply a widespread de-risking amid broader market uncertainty.
Whale Activity as a Market Sentiment Indicator
Whale behavior often serves as a leading indicator of market sentiment. Their sudden and massive liquidations typically reflect either profit-taking, loss-cutting, or a shift in macroeconomic outlook. In ASTER’s case, the coordinated exit of multiple whales could suggest internal doubts about the project’s short- to mid-term potential.
Alternatively, this could be part of a broader trend where large holders are reallocating capital away from speculative altcoins toward more stable assets like Bitcoin or Ethereum amid rising global economic uncertainty.
Impact on ASTER’s Ecosystem
Price volatility of this magnitude can have ripple effects beyond just investor sentiment. If ASTER is used within a broader ecosystem—such as for DeFi applications, staking, or governance—a sharp drop in token value could undermine user participation and weaken network security or utility.
Projects relying on ASTER’s valuation to fund development or incentivize usage may also face challenges, including budget shortfalls and reduced community engagement.
Could a Reversal Be on the Horizon?
Despite the current downtrend, technical traders may eye this as a potential setup for a reversal. If momentum indicators continue to hover in oversold territory and selling pressure begins to wane, a short-term bounce could materialize. However, reversal confirmation would require strong volumes and a decisive reclaim of the $1.39-$1.50 range.
Until then, the bias remains firmly bearish.
Conclusion
Aster’s steep decline, driven by aggressive whale selling and Futures market liquidations, has placed the altcoin at a critical juncture. With the $1 support level hanging by a thread, the coming days will determine whether ASTER can mount a recovery or slide further toward $0.85. Retail investors are holding on, but the broader sentiment remains cautious. Traders and investors alike should keep a close eye on whale movements and technical levels before making any decisions.