Whale accumulation of 155 million ASTER pushed the price

Recent on-chain data shows that this stability is being further strengthened by whale accumulation, which could help the token regain lost ground.

Aster investors supported the correction

Whale investors have become a major driving force behind Aster's correction. Wallets holding 10 million to 100 million ASTER tokens have significantly increased their holdings over the past week. In total, these large investors purchased over 154 million ASTER, worth approximately $155 million, indicating renewed institutional confidence in the asset.

This accumulation indicates that whale investors view current price levels as an attractive entry point. Their growing support, especially during times of uncertainty, strengthens bullish sentiment among retail investors.

In addition to whale behavior, broader market indicators are also pointing to improved momentum for Ester. The Chaikin Money Flow (CMF) indicator shows continued investment, indicating that capital from all investor groups is returning to Ester. This increase in buying pressure supports the notion that the asset is entering an accumulation phase.

This is the first time in four weeks that Ester's CMF has consistently entered positive territory, indicating that market demand may be increasing again. Growing optimism among investors could fuel further price gains.

Ester's price will need to find a path for further gains.

At the time of writing, Ester is trading at $1.01, slightly above the crucial $1.00 support level. This resilience amid broader market skepticism provides a stable base for potential growth in the near future.

If the buying momentum continues, the price of ASTER could rise to $1.15 and possibly $1.25. Such a move is likely to attract additional investment, boosting the bullish momentum.

However, if investor sentiment weakens and selling pressure increases, ASTER could fall below $0.95 and touch lower support levels at $0.88 or $0.80. This would invalidate the bullish forecast and delay any sustained recovery.

Read the original article "155 million ASTER whale accumulation pushes the price to $1" by Aryaman Srivastava on beincrypto.com.