- UNI faces $17 resistance, supported by bullish long/short ratio trends.
- Whale activity surged 694%, signalling potential bullish momentum for UNI.
Uniswap (UNI) has been trading at $14.14, marking a 7.54% increase in the last 24 hours. The trading volume has also surged significantly, rising by 103% during the same period. This price movement propelled UNI to a nine-day high of $14.62, although the token is down 13% over the past month and remains 69% below its all-time high of $44.97.
UNI Price Chart, Source: Sanbase
Recent data from research highlights a sharp 694% increase in large transactions within the Uniswap network, indicating heightened activity from whales. This surge in high-value transactions suggests growing confidence among big-money players, as UNI’s price stabilises at the $12 support level. Historically, such whale activity often signals impending price movements, potentially paving the way for further bullish momentum.
Moreover, adding to the positive sentiment, UNI’s active addresses have surged by 23% in the past 24 hours, reflecting increased trading interest and user engagement. The uptick in active participation underscores the token’s growing appeal and strengthens the case for a sustained upward trend.
Long/Short Ratio Points to Bullish Sentiment
The long/short ratio, currently at 57%, tilts in favour of long positions, further bolstering bullish expectations. A dominant presence of long positions in the market often signals investor optimism and potential price gains.
On the technical front, UNI faces a key resistance level at $17. Breaking through this level could trigger a significant rally. Analysts suggest that the current alignment of whale activity, growing active addresses, and the bullish long/short ratio creates an ideal environment for price escalation.
While UNI’s metrics indicate promising short-term potential, broader market dynamics and investor sentiment will play critical roles in sustaining the bullish momentum. If the positive trends persist, the altcoin could surpass the $17 resistance and set the stage for further gains.
Highlighted News Of The Day
Dubai Spearheads Web3 Revolution With New ‘Crypto Tower’ Landmark
