- Astar Network token soared to the highest point since April.
- It has defied gravity and surged by over 103% from the YTD low.
- Open interest in ASTR’s futures contracts has jumped.
Astar Network’s (ASTR) token has defied gravity in the past few days as its open interest soars. Data by TradingView shows that the ASTR token was trading at $0.065, the highest level since April 30th. The token has jumped by more than 103% from the lowest level this year.
Astar open interest is rising
Astar Network is a leading blockchain network in the Polkadot ecosystem. It is a parachain whose goal is to help developers build quality and interoperable decentralized applications (dApps). Astar’s unique feature is that it supports both Wasm and Ethereum Virtual Machine (EVM). It also has bridges to other blockchains like Cosmos and Polygon.
Astar Network was developed by Japanese developers and has now been used to build several dApps. Some of the biggest DeFi dApps in its ecosystem are Avault Finance, AstridDAO, InsureDAO, and DAM Finance among others.
Read more: How to buy Polygon.
Data compiled by DeFi Llama shows that Astar Network has a total value locked (TVL) of more than $53.99 million. At its peak in 2022, it had over $600 million locked in its ecosystem. The top DeFi ranked by TVL in its ecosystem are ArthSwap, Algem, and AstridDAO.
It is unclear why Astar Network token has surged in the past few months. A likely reason is that the token has gained traction in South Korea, one of the most popular markets in the industry. This is evidenced by the rising volume in Upbit.
Another recent news was that Astar Network was integrated by FireBlocks, giving it access to over 650 banks and institutions. The integration gives users access to more financial assets to trade and access to DeFi dApps.
Data shows that open interest in the futures market has been at an elevated level in the past few weeks. Open interest stands at $11.44 million, up from this month’s low of $6.93 million.
Astar Network price forecast
The daily chart shows that ASTR price has been in a strong upward trend in the past few weeks. It has formed an ascending channel that is shown in green. It has moved above the 50-day exponential moving average (EMA).
Astar Network price has also flipped the important resistance level at $0.057 into support. This price was the highest level on May 24th. Therefore, the token will likely continue rising as buyers target the key resistance at $0.09, the highest level on April 16th. The stop-loss of this trade will be at.
