The Aster price continued its strong surge and is slowly nearing the all-time high as the perpetual DEX volume jumps bizarrely. It also soared amid the crypto market bull run and as its open interest soared.
Aster Perpetual Futures Volume is Soaring
Aster, a perpetual DEX network backed by Changpeng Zhao (CZ), is having an unusual volume. Data compiled by DeFi Llama shows that the network’s perpetual futures volume rose to $385 billion this week, crossing the previous week’s $270 billion.
These are huge numbers considering that the network’s perpetual futures volume was much lower than that three weeks ago. Most importantly, this week’s volume was much higher than what it handled since it inception.
Another notable factor is that Aster’s volume makes Hyperliquid look small. Data shows that Hyperliquid handled over $282 billion in September, down from its all-time high of $398 billion.
Data displayed on its website shows that it has now handled over $2 trillion in cumulative volume while the number of users has jumped to over 524,000. Additionally, Aster’s open interest indicates that the network’s open interest currently stands at approximately $4 billion.
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Meanwhile, the soaring volume means that the network is making substantial sums of money. It has made over $119 million in fees in the last seven days, bringing the cumulative fees to $211 million. This is important for the Aster price as the management has pledged to burn more tokens over time.
Aster price also jumped as demand from investors soared. Data compiled by CoinGlass shows that the futures open interest jumped to over $1.2 billion, while the daily volume in the spot market soared to nearly $4 billion. This volume makes it one of the most traded coins in the market, which is notable since many exchanges have not listed it yet.
Aster Price Technical Analysis
The four-hour chart shows that the Aster token price has rebounded in the past few days. It jumped from this week’s low of $1.5 to the current $2.1.
Aster price has moved above the upper side of the falling wedge pattern, which is a common reversal sign. It has also moved above the 50-period moving average, while the Relative Strength Index (RSI) is nearing the overbought level.
Therefore, the token will likely continue rising as the demand from market participants jump and its volume soars.
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