Aster News Today: Institutional Confidence and Airdrop Controversy Clash at ASTER's $1.55 Crossroads

Aster (ASTER) has surged 8% in recent trading sessions, with bulls eyeing a critical $1.55 resistance level amid a mix of institutional confidence and growing retail participation. The token's price hit $1.62 in a 24-hour span, driven by strong inflows and endorsements from figures like Binance founder Changpeng Zhao, according to the Coingecko price chart. Meanwhile, on-chain activity reveals a complex narrative of optimism and controversy, with Galaxy Digital's $68 million ASTER deposits on Binance revealed by a Coinpedia analysis contrasted against community backlash over airdrop allocations, as detailed in a Cryptorank report.

The recent rally has been fueled by a combination of liquidity provision and speculative fervor. Galaxy's institutional deposits—40.8 million ASTER tokens—have been interpreted as a vote of confidence rather than a sell signal, with analysts noting the move could stabilize volatility and deepen market depth, according to the Coinpedia analysis. Binance's role is pivotal, as the exchange surpassed Hyperliquid in trading volume, hitting $13 billion in 24 hours, per the Coingecko price chart, while teasing a second airdrop campaign to further incentivize participation, according to the Coinpedia analysis.

However, the ASTER narrative is not without turbulence. A 20% selloff to $1.55 followed widespread criticism of the Stage 2 airdrop distribution, where users with significant trading volume and fees received disproportionately low rewards, as outlined in the Cryptorank report. Social media backlash highlighted cases where traders earning $100 million in referral volume received only 338 ASTER tokens, sparking accusations of insider favoritism, noted in the Cryptorank report. Compounding concerns, DeFiLlama temporarily removed Aster's volume data due to suspected wash trading, citing a 1:1 correlation with Binance perpetuals, according to the Cryptorank report.

Technical indicators paint a mixed picture. ASTER's price has formed a symmetrical triangle pattern on the 4-hour chart, with $1.50–$1.56 acting as a critical support zone, per the Cryptorank report. While some analysts remain bullish, projecting a potential $3.00+ target by 2025, according to the Coinpedia analysis, others warn of a breakdown risk below this level. The token's market share in on-chain perpetual swaps has grown to 14.9%, according to the Coingecko price chart, but declining open interest and futures inflows suggest waning momentum, as reported in an AmbCrypto article.

Comparisons to Bitcoin highlight ASTER's volatility. While BTC surged above $125,000, according to CCN coverage, ASTER's 7-day return of 0.00% per the Coingecko price chart outperformed a broader crypto market down 5.40%. However, the token's fundamentals remain speculative, with 80% of its supply yet to circulate, according to the Coingecko price chart. Fully diluted valuation (FDV) stands at $150,793,546.90, per the Coingecko price chart, far exceeding its current market cap of $3.12 billion, indicating significant upside potential—if liquidity and adoption persist.

Looking ahead, the ASTER team has delayed the airdrop to October 20 to address allocation inconsistencies, as noted in the Cryptorank report, a move that could either restore trust or deepen skepticism. Institutional liquidity and Binance's continued support may prove pivotal, but the token faces stiff competition from rivals like Hyperliquid and emerging projects such as BTC Hyper, according to the Cryptorank report. For now, ASTER's path hinges on defending its $1.55 support and navigating the reputational damage from recent controversies.