- UNI’s price tests $9.55 support after a 2.25% drop; 70% trading volume spike signals heightened market activity.
- $3.10M UNI withdrawn from exchanges hints at accumulation; $5.4M long bets near $9.57 reflect bullish sentiment.
Uniswap’s native token, UNI, currently trades near $9.60, a level now viewed as critical for its short-term trajectory. Over the past 24 hours, the token’s price fell by 2.25%, reflecting broader market instability.
However, trading volume surged by 70%, signaling heightened activity among traders and investors. ETHNews analysts suggest this juncture could determine whether UNI rebounds or faces further declines.
Data from on-chain analytics firm Coinglass reveals $3.10 million worth of UNI exited exchanges in the past 48 hours. Such outflows often signal accumulation, as investors move tokens to private wallets anticipating price gains.
This pattern aligns with a $5.4 million bet on long positions concentrated near the $9.57 support level. Conversely, short positions worth $1.15 million cluster at $9.73, reflecting divided market sentiment. Over-leveraging at these thresholds raises liquidation risks if prices shift abruptly.
Technical analysis by ETHNews identifies an ascending triangle pattern, a structure typically preceding upward breakouts. The token currently tests a trendline support near $9.55. Holding this level could catalyze a 30% rise toward $12.60, based on historical price behavior. Conversely, a four-hour close below $9.45 might trigger a 15% drop to $8.15, erasing recent gains.
Long-term holders and intraday traders both lean bullish, possibly driven by speculative optimism around exchange outflows and leveraged positions. Yet, external factors like macroeconomic pressures or regulatory shifts remain wild cards.
For now, UNI’s fate hinges on two factors: sustained demand at $9.55 and broader market conditions. While accumulation trends and technical patterns favor upside potential, volatility remains elevated. Traders will monitor whether buying pressure offsets sell-side momentum—a balance that could define UNI’s path in the coming days.
