Aster (ASTER) surged sharply after Binance co-founder Changpeng “CZ” Zhao revealed that he had personally purchased 2.09 million ASTER tokens worth around $2 million at approximately $0.91 per token on November 2.
The move sparked a wave of retail enthusiasm, but large traders are now betting against the rally, suggesting that a short-term correction could be ahead.
CZ’s Buy Sparks a Massive Price and Volume Spike
Following CZ’s announcement, Aster’s price jumped over 30%, briefly peaking at $1.26 before easing back. As of this writing, the token was trading around $1.05, still up 9% in the past 24 hours.
Despite the rebound, ASTER remains down 10% for the week and nearly 50% lower over the past month, highlighting how volatile the token’s recent movements have been.
The sudden spike pushed Aster’s market capitalization past $2.5 billion, while daily trading volume surged 862% to $2.29 billion, according to CoinGlass. Meanwhile, open interest in derivatives rose 42.9% to $640.5 million, indicating an influx of leveraged traders hoping to capitalize on the surge.
Retail Traders Buy, But Whales Turn Bearish
CZ described his ASTER buy as a personal “buy-and-hold” investment, which fueled optimism among retail traders. The long-to-short ratio on Binance climbed to 1.9, signaling that smaller investors were overwhelmingly bullish.
However, the move also triggered a wave of large short positions from institutional and whale traders betting on a reversal.
On Hyperliquid (HYPE), one wallet opened a $25 million short position at $1.18, later expanding it to $51 million with 3x leverage, while another whale added $18 million in shorts. These large bets reflect growing skepticism about Aster’s ability to sustain its gains after the hype-driven surge.
“While CZ’s purchase boosted confidence in the short term, whales are clearly not convinced that this momentum will hold,” one market analyst noted.
Concerns Over Data Transparency Add to Volatility
Some analysts remain cautious about Aster’s trading patterns. The token previously faced concerns over volume accuracy, even being temporarily delisted from DefiLlama due to verification issues.
Combined with Binance-related sentiment swings and broader market volatility, these factors could make Aster’s rally unstable in the near term.
Technical Analysis: Momentum Weakens After Sharp Rally
Aster’s one-hour chart shows that bullish momentum has started to fade following the initial rally. The token is now consolidating below the middle Bollinger Band at $1.11, suggesting a cooling phase.
- Immediate resistance: $1.25–$1.34
- Short-term support: $0.98–$0.88
The Relative Strength Index (RSI) dropped from 80 to 46, signaling that overbought conditions have eased. The MACD still shows a mild buy signal, but the histogram is narrowing, indicating waning bullish pressure.
All major moving averages from the 10-day to the 200-day lines remain above the current price, confirming that Aster is still in a broader downtrend. The SMA sits around $1.29, while the EMA near $1.15 forms a near-term ceiling.
If buyers push the price above $1.25, liquidation clusters could trigger a short squeeze toward $1.35–$1.40.
However, if support at $0.98 fails, ASTER could slip back toward the $0.88–$0.90 zone, where stronger buying interest has historically appeared.
The Bottom Line
CZ’s $2 million ASTER purchase ignited a surge in price and trading activity, briefly lifting the token into bullish territory. But the swift reaction from whales and the increase in short positions show that market sentiment remains divided.
While retail enthusiasm remains high, technical signals suggest caution, with resistance forming near $1.25 and fading momentum pointing toward a potential correction. Until Aster can establish stability above key support levels, its outlook remains volatile and speculative.
