Uniswap has slipped out of the spotlight in recent months, but fresh on-chain data suggests it may not be as quiet as it looks. While price action continues to struggle, large holders have been steadily increasing their exposure, creating a sharp contrast between accumulation and market sentiment.
Also Read: Uniswap Passes Unification Proposal, Approves 100 Million UNI Burn
Whale Accumulation Signals Quiet Confidence
According to data from Santiment, the 100 largest Uniswap wallets acquired 12.41 million UNI tokens in the last eight weeks.
This acquisition has been done when UNI was ranked around 32 in terms of market cap, which is a position where previous acquisitions have resulted in significant price actions. The 100 largest Uniswap wallets have been following the overall market cycles of UNI in the past.
Source: X
Currently, Uniswap is trading at around $4.99. Although the price is quite weak, the trading volumes have increased. The daily trading volume increased by 122.78% to $290.52 million, indicating that people are showing interest in the token again, even though the price is stagnant.
A bullish divergence is emerging between the wallet data and the price, which has occurred in the past when the price was near a local bottom. However, this indicator is highly market-dependent, especially on Bitcoin.
Uniswap Trades Below Key EMAs as Resistance Holds Firm
From a technical perspective, UNI is still under pressure. Looking at the weekly chart, the price is still below the 20, 50, 100, and 200 Exponential Moving Averages. The $7.3 to $7.8 region has been capping all the upside attempts and is also close to the 50 and 100 EMA regions.
Every time the price has attempted to move through, it has become a strong resistance point. The price action continues to form lower highs from the late 2024 peak.
Source: Tradingview
Bollinger Bands reveal that UNI is close to the lower band, indicating consistent selling pressure. The short-term breaks below the band have resulted in small bounces, but these have not been sustained. The middle band at $6.5 continues to form a ceiling.
The momentum indicators are still weak. The RSI remains in the 38 to 41 range, which is considerably lower than the middle line of 50. For the momentum to be said to be improving, the RSI has to return to the 45-50 range.
The MACD also indicates caution. It remains below the signal line, and the negative histogram values continue. Although the downside momentum has eased slightly, there is no indication of a trend reversal.
Also Read: Uniswap Burns 100 Million UNI Tokens Following Historic Governance Vote
