<\/p>\n
- \n
- UNI whales were selling their holdings as the supply held by top addresses dropped\u00a0<\/span><\/em><\/li>\n
- Market sentiment around UNi turned bullish in the last 24 hours\u00a0<\/span><\/em><\/li>\n<\/ul>\n
While most cryptocurrencies in the market witnessed a bullish sentiment, Uniswap [UNI]<\/span><\/a> recently saw a transfer worth millions of dollars. Such transactions are often followed by shifts in price action, which seemed to be the case for UNI in the last few hours of press time.<\/span><\/p>\n
Furthermore, the fact that several metrics turned bullish for UNI, suggesting a hike in its price over the days to follow.<\/span><\/p>\n
\nRead<\/span> Uniswap\u2019s [UNI] Price Prediction<\/span><\/a> 2023-24<\/span><\/p>\n
\nIs Uniswap under selling pressure?<\/b><\/h4>\n
Unlike most cryptocurrencies that registered price upticks last week, UNI showed a different behavior. According to<\/span> CoinMarketCap<\/span><\/a>, UNI was down by more than 1.5% in the last seven days. <\/span><\/p>\n
While the token\u2019s price dropped, Lookonchain\u2019s latest tweet revealed that UNI witnessed a massive transaction.<\/span><\/p>\n
\n
Uniswap Foundation has transferred out a total of 9.8M $UNI<\/a>($40.66M) in the past 6 days.<\/p>\n
3.4M $UNI<\/a>($14.1M) was deposited to #OKX<\/a>;<\/p>\n
3M $UNI<\/a> ($12.45M) was deposited to #Kraken<\/a>;<\/p>\n
3.4M $UNI<\/a> ($14.1M) was transferred to #FalconX<\/a>.https:\/\/t.co\/uHuPHgJui0<\/a> pic.twitter.com\/eZEfPGUFkH<\/a><\/p>\n
\u2014 Lookonchain (@lookonchain) October 29, 2023<\/a><\/p>\n<\/blockquote>\n
As per the tweet, the Uniswap Foundation transferred out a total of $9.8 million. This was worth more than $40 million in the last six days. Such transfers are often followed by a change in price action. <\/span><\/p>\n
In fact, Ali, a popular crypto analyst, recently posted a tweet on X (formerly known as Twitter) pointing out that more than 87% of<\/span> UNI<\/span><\/a> investors were out of money. Ali mentioned that UNI investors were in disbelief; selling pressure had gotten exhausted, and an important support floor was built around $4.<\/span><\/p>\n
\n
With 87.56% of $UNI<\/a> holders positioned “Out of the Money,” #Uniswap<\/a> is preparing for a breakout! \ud83d\ude80 #UNI<\/a> investors are in disbelief; selling pressure has gotten exhausted, and an important support floor was bulit around $4. pic.twitter.com\/HBWbOMv1BG<\/a><\/p>\n
\u2014 Ali (@ali_charts) October 29, 2023<\/a><\/p>\n<\/blockquote>\n
A similar trend of selling was also noted upon checking UNI\u2019s on-chain metrics. As per<\/span> CryptoQuant<\/span><\/a>, UNI\u2019s Exchange Reserve was increasing. As the exchange reserve continues to rise, it indicates higher selling pressure. <\/span><\/p>\n
Santiment\u2019s chart revealed that UNI\u2019s Supply on Exchanges went above its Supply Outside of Exchanges. Thus, proving that investors were in fact selling the token.<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Uniswap-on-Ethereum-UNI-17.01.46-30-Oct-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
Furthermore, the confidence of UNI whales was also declining. This was evident from the drop in its Supply Held by Top Addresses. <\/span><\/p>\n
The recent sell-off led to UNI holding the #12 rank on the<\/span> list<\/span><\/a> of the cryptocurrencies that the top 100 Ethereum whales were holding in the last 24 hours. Nonetheless, UNI\u2019s total amount of holders did go up over the last seven days, which was an optimistic development.<\/span><\/p>\n
What to expect from UNI?\u00a0<\/b><\/h4>\n
While UNI investors continued to sell, it was important to take a look at what past trends suggested. Hyblock Capital\u2019s liquidity heatmap revealed that in the recent past, UNI\u2019s liquidation peaked on 1 October when its price touched the $4.6 level. <\/span><\/p>\n
Whenever such liquidations happen, UNI\u2019s price drops. However, if the current state was to be considered,<\/span> UNI<\/span><\/a>\u2019s liquidation was comparatively low.<\/span><\/p>\n
![\"\"](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/newplot-4.png\")
<\/a><\/p>\nSource: Hyblock Capital<\/p>\n<\/div>\n
As predicted by Ali on X, UNI\u2019s price was actually showing signs of a bull rally. As per CoinMarketCap, UNI\u2019s price had increased by more than 1.1% over the last 24 hours. <\/span><\/p>\n
Apart from price, the token\u2019s daily trading volume also went up by more than 57%, reflecting investors\u2019 willingness to trade the token. It was interesting to note that 90% of Uniswap\u2019s trading volume comes from Mainnet and Arbitrum.<\/span><\/p>\n
\n
~90% of Uniswap’s trading volume comes from Mainnet and @arbitrum<\/a> pic.twitter.com\/F5GrUe3Vjz<\/a><\/p>\n
\u2014 Token Terminal (@tokenterminal) October 29, 2023<\/a><\/p>\n<\/blockquote>\n
Market Sentiment around UNI also improved in the last 24 hours, as evident by the massive rise in its social mentions. Bullish sentiment around the token also surged by more than 76%.<\/span><\/p>\n
To add to that, another bullish signal was Uniswap\u2019s altrank, which improved in the recent past. Thus, increasing the chances of a continued price uptrend in the days to come.<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LunarCrush-UNI.png\")
<\/a><\/p>\nSource: LunarCrush<\/p>\n<\/div>\n
A look at UNI\u2019s daily chart also pointed out quite a few bullish indicators. For instance, Uniswap\u2019s Relative Strength Index (RSI) gained upward momentum. Its Chaikin Money Flow (CMF) also went up, increasing the chances of a northbound price movement.<\/span><\/p>\n
\nHow much are<\/span> 1,10,100 UNIs worth today<\/span><\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n
\nHowever, a few of the indicators remained bearish, such as the Money Flow Index (MFI), as it was resting well below the neutral mark. Additionally,<\/span> UNI<\/span><\/a>\u2019s Bollinger Bands (BB) revealed that the token\u2019s price entered a less volatile zone. This minimized the chances of an unprecedented price surge in the coming days.<\/span><\/p>\n
- Market sentiment around UNi turned bullish in the last 24 hours\u00a0<\/span><\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/UNIUSD_2023-10-30_17-19-37.png\")