The UNI whale is selling off its shares as the supply held by top addresses decreases. The market sentiment surrounding UNI has shifted towards a bullish trend in the past 24 hours. Despite the optimism seen in most cryptocurrencies on the market, Uniswap (UNI) has recently experienced a multi-million dollar transfer. These types of transactions often result in price changes, and that seems to be the case with UNI at the time of writing. Additionally, several indicators have turned bullish for UNI, indicating that its price will rise in the coming days.
According to a recent tweet, Uniswap Foundation has transferred a total of $40.66 million worth of UNI over the past six days. This change is often accompanied by changes in price behavior. In fact, well-known cryptocurrency analyst Ali recently tweeted that over 87% of UNI investors have run out of money. Ali stated that UNI investors are skeptical, selling pressure has dried up, and a significant support level has been established near $4.
Similar selling trends have been observed when examining UNI’s on-chain data. UNI’s liquidity reserves continue to increase, indicating increasing selling pressure. Additionally, the confidence of UNI whales is also declining, as evidenced by the decrease in supply held by top addresses. This recent sell-off has pushed UNI down to 12th place in the ranking of tokens held by the top 100 Ethereum whales in the past 24 hours. However, the total share held of UNI has increased in the past seven days, which is an optimistic development.
In terms of price predictions, it is important to understand past trends while investors continue to sell off UNI. The liquidity heat map from Hyblock Capital shows that the most recent sell-off in UNI reached its peak on October 1st, when its price reached $4.6. Whenever such a sell-off occurs, the price of UNI will decline. However, considering the current situation, the sell-off rate is relatively low.
As predicted by Ali on X, the actual price of UNI has shown signs of a market rally. According to data from CoinMarketCap, UNI’s price has increased by over 1.1% in the past 24 hours. In addition to the price, the daily trading volume of the token has also increased by over 57%, reflecting the readiness of investors to trade the token. Interestingly, 90% of Uniswap’s trading volume comes from the mainnet and Arbitrum.
Sentiment surrounding UNI has also improved in the past 24 hours, as evidenced by a significant increase in social media mentions. The bullish sentiment around the token has also surpassed 76%. Another bullish signal is Uniswap’s recent improvement in altrank. This increases the likelihood of the price continuing its upward trend in the coming days.
UNI’s daily chart also displays several bullish indicators. For example, Uniswap’s relative strength index (RSI) has shown an upward trend. Its Chaikin money flow (CMF) has also increased, increasing the likelihood of the price moving northward. However, some indicators are still bearish, such as the money flow index (MFI) as it is below the neutral level. Additionally, the Bollinger Bands suggest that the token’s price is entering a less volatile range, minimizing the likelihood of a significant price spike in the days to come.
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