Uniswap (UNI) Faces Pressure as Whale Sell-Off Signals Uncertainty
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This sell-off coincided with a 10% drop in UNI’s price, creating unease among investors. UNI was trading at $15.65 at press time, reflecting an 11% price decline in the past 24 hours.
Exchange Activity Hints at Investor Sentiment
An analysis of Coinglass data indicates that other whales and institutional investors are moving UNI tokens to exchanges, often a precursor to potential sell-offs. Despite this, asset inflows to exchanges amounted to a modest $3.5 million over the past three days, significantly lower than outflows.
This imbalance suggests that long-term holders might still support UNI, potentially mitigating further price declines.
Key Technical Levels for UNI
UNI is testing a critical support level at $15.30, creating a pivotal moment for the altcoin. If the token sustains its position above $15.50, it could rally by 30%, reaching $20.50. However, a daily close below $14.60 could lead to a 20% drop, with prices potentially falling to $11.10.
The Road Ahead
As investors watch closely, UNI’s ability to hold its support levels will determine its near-term trajectory. Market participants remain divided between hopes of a recovery and fears of further decline.