Whales and Uniswap team wallets are moving millions in UNI, signaling increased market activity and institutional interest.
UNI breaks out of a descending channel, eyeing a 16.26% rise to $19 after consolidating above key support levels.
Dormant Uniswap wallets awakening, depositing $221M in UNI, hinting at strong market confidence and potential upside for UNI.
Uniswap has seen market activity recently, driven by institutional deposits and whale movements. According to Spot On Chain, in the past two days, whales have made large transactions, impacting the exchange landscape. One notable transaction involved a whale wallet, “0x59a,” with a portfolio valued at $89.4M. This whale deposited 1.495 million UNI tokens ($24.3M) to Binance, securing an impressive $13.7M profit (+129%) after five months.
Additionally, a wallet linked to the Uniswap team, “0xa37,” transferred 4.99 million UNI tokens ($80.79M) to Coinbase Prime after being dormant for over four years. This move happened 25 hours ago, leaving behind a sizable 4.01 million UNI ($65.7M). Since July 4, three Uniswap-related wallets have awakened, depositing a total of 22.99 million UNI ($221.85M) to Coinbase Prime. These wallets used an average price of $9.648 for their deposits.
https://twitter.com/spotonchain/status/1869196600213655971 Chart Analysis: UNI/USDT Bullish Breakout
As Uniswap shows signs of institutional interest, its price action has also been moving favorably. On the 1-hour chart for UNI/USDT on KuCoin, the price recently broke above a descending channel, indicating a bullish shift. The price broke out near the $16.2 mark, following a period of consolidation. After the breakout, the price tested key horizontal support and resistance zones, which reinforced the bullish outlook.
Moreover, a vertical price target suggests a potential 16.26% upward movement, targeting a price above $19. There are consistently higher lows, signaling gradual upward strength. This further supports the bullish sentiment as UNI/USDT has seen increased volatility and upward momentum after a prolonged downtrend. A support trendline around $15.5 has also helped to hold the price above key levels, strengthening the rally.
Source: World Of Charts
Key Support and Resistance Levels
The technical chart further confirms the shift in market structure. Once resistance levels, both horizontal and diagonal, have turned into support, they now provide strong buying pressure. This transition is important for the market's bullish outlook.
Should this momentum continue, UNI/USDT may continue to test the $19 region, as per the price projection. The combination of whale movements and favorable technical indicators points to a positive outlook for Uniswap in the near term.
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