$UNI Uniswap's dominance in the decentralized exchange (DEX) market continues to grow, with its network activity surging from 36.8% to an impressive 91.3% in 2024.
This significant increase has attracted over 45.3 million users, solidifying its position as a leading DEX in user acquisition. Meanwhile, a whale recently purchased 100,000 UNI at a price of $14.24, amounting to $1.42 million, underscoring strong investor confidence. As of the time of writing, UNI's trading price is $13.07, down 4.07% from previous periods, with key price levels potentially determining its next direction. Key levels observed for breakout: UNI's price chart shows significant breakout potential, forming a symmetrical triangle pattern. This structure typically signals major movements, and a retest of the $12 resistance level increases the likelihood of a bullish outcome.
Breaking through this level could propel UNI towards $20 or higher, providing traders with substantial upside potential. However, the recent selling pressure on the chart emphasizes the importance of sustained buying momentum. What do the network activity indicators reveal?
On-chain indicators point to an overall bullish outlook for UNI. Net network growth has risen by 0.22%, indicating an influx of new users. Additionally, whale activity remains stable, with concentration increasing by 0.07%. However, the 'in the money' indicator has decreased by -1.41%, suggesting that some holders are taking profits. Large transactions have dropped by -5.59%, indicating short-term caution. These mixed signals highlight the importance of monitoring whale movements and broader market sentiment to assess UNI's trajectory. UNI exchange reserve analysis shows that exchange reserves have slightly increased by 0.21%, totaling 70.22 million tokens.
While this may suggest slight selling pressure, the lower growth rate indicates that most holders have been maintaining their positions. This seems consistent with the overall market pullback, although the significant surge in reserves may imply bearish intentions. Building momentum or losing steam? Technical indicators further reveal Uniswap's current state. The Average Directional Index (ADX) stands at 26.77, emphasizing moderate trend strength.
At the same time, the 9-day moving average is below the 21-day moving average, indicating a short-term bearish outlook. However, the symmetrical triangle highlights that a bullish crossover may soon ignite new buying interest. Long/short ratio - is the market leaning bullish? As of the time of writing, UNI's long/short ratio is 1.073, with 51.76% of the trading volume leaning towards the bulls. This growing bullish sentiment suggests that traders are preparing for a potential breakout. Furthermore, the shift towards long positions aligns with broader expectations of price increases. However, maintaining this sentiment will depend on whether UNI can break through key resistance levels and sustain momentum in the upcoming trades.
