One of the notable names in the cryptocurrency market in recent days, Aster (ASTER), has embarked on a rally following a three-day slump. After being listed on the Kraken exchange, the token faced a brief selling pressure but gained 12% in the last two days, delighting its investors. This rise indicates that investors perceived the recent dip as a temporary correction and that confidence in Aster is growing again.
Critical Resistance Level: $1.3
Data from the derivative markets also supports this optimism. Aster’s funding rate stands at 0.0123, indicating a strong belief among investors holding long positions in price increases. Additionally, the open interest in futures increased by $62 million in the last 24 hours, reaching $483 million. This suggests new capital inflow into the market and implies that the rise is not merely speculative.
According to analysts, the critical level that will determine Aster’s next direction is $1.3. If the price surpasses this level, the upward trend is expected to strengthen. However, if it is rejected, short-term investors may take profits. Despite a cautious market entry, Aster has captured attention with its strong performance this week.
Crypto analysts compare Aster’s current situation to Solana’s recovery process in 2021. Similarly, last week, Avalanche (AVAX) recorded a rise of over 10%. This scenario points to a renewed interest in the altcoin market and an increased risk appetite among investors. Specifically, the interest from large funds and individual investors in altcoins creates a favorable market environment for new projects like Aster.
Market-Wide Bullish Signals
Bitcoin’s stability above the $110,000 level supports the general market sentiment. Ethereum, Solana, and XRP have also shown signs of recovery in recent days. This situation may help Aster maintain its momentum. Additionally, the growing confidence of investors raises trading volumes for newly listed tokens.
Aster’s recent performance has signaled a revival in the market. Based on funding rates and open interest data, investors are showing long-term optimism, indicating the beginning of a new mini bull phase in the altcoin market. However, it is advisable to remain cautious unless the $1.3 level is surpassed.