AirSwap’s AST bucks bearish crypto market with 115% rally

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 (BTC) and Ethereum (ETH), 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 bias.

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.