Suspecting ASC problem 840ci 1994

I got this car not so long ago and noticed that while driving on the freeway it doesn't feel very stable. Just simple flaws on the road I can feel the car swerve a little. It almost feels like it's going to lose control but thankfully it doesn't. When I accelerate hard on wet road I can feel the tires lose traction, but the ASC light doesn't flash or anything. I don't even know if it's working or not. Can this be my problem as to why it feels so unstable while driving on the freeway? I would assume that the ASC light should stay on if the unit was faulty, but there's no indication whatsoever. However, when I push down on the ASC light the orange light does stay on. Any clues?