AirSwap’s native token, AST rose as high as 115%, driven by renewed interest from whales and a favorable technical setup.
According to data from CoinGecko, AirSwap (AST) rose to an intraday high of $0.071 on June 23 afternoon Asian time, extending its gains to 255% from its year-to-date low of $0.020.
AirSwap rallied as the global crypto market cap dropped roughly 3% to $3.2 trillion on the day. Major assets, including Bitcoin
ETH6.07%Ethereum, continued to trend downward, weighed by escalating geopolitical tensions in the Middle East and shifting investor sentiment toward safe-haven assets.
By press time, AST had cooled off to $0.051, trimming its daily gain to approximately 51%. However, technical and on-chain indicators suggest the token may still be poised for further upside.
On the 4-hour/USDT chart, AST has decisively broken out of a multi-week descending channel, typically seen as a reversal signal when followed by volume confirmation. In addition, the token completed a breakout from a bull-flag pattern, a continuation pattern that often signals further upward momentum.
Notably, AST is now trading above both the 50-day and 200-day simple moving averages. The 50-day SMA appears on track to cross above the 200-day SMA, a technical formation known as a golden cross, which is traditionally seen as a bullish long-term signal.
On top of that, the MACD lines have pointed upwards, while the Supertrend indicator has flipped to a green signal, reinforcing the short-term bullish b
From a price-action perspective, AST may attempt to retest its recent high of $0.071. A successful breakout above this level could open the door to a rally toward the next resistance at $0.095, which was last touched in April.
Whale accumulation appears to be a key catalyst driving the move. According to CoinMarketCap data, whales currently control 83.8% of AST’s circulating supply, a trend that retail traders often track for cues on institutional sentiment.
Concurrently, total AST balances on exchanges have dropped by over 21% in the past three months.
On the development front, the AirSwap team has also scheduled a community call on June 25 to discuss upcoming DAO-related initiatives. The announcement has stirred renewed engagement across the AirSwap ecosystem, which could sustain attention in the short term.
Despite the bullish setup, there remains a key risk for investors. According to data from CoinMarketCap, the top 10 holders currently control nearly 80% of the circulating supply. This high degree of concentration introduces a vulnerability to sudden sell-offs or price manipulation, which could create volatility in the absence of strong demand-side support.
