Uniswap witnessed a large transaction recently which could worry UNI investors and impact the price action in a negative way. However, going against all odds, the altcoin witnessed a positive price correction and could also witness a rally in coming days.recently saw a transfer worth millions of dollars. Such transactions are often followed by shifts in price action, which seemed to be the case for UNI in the last few hours of press time.
Furthermore, the fact that several metrics turned bullish for UNI, suggesting a hike in its price over the days to follow.While the token’s price dropped, Lookonchain’s latest tweet revealed that UNI witnessed a massive transaction.As per the tweet, the Uniswap Foundation transferred out a total of $9.8 million. This was worth more than $40 million in the last six days. Such transfers are often followed by a change in price action.
In fact, Ali, a popular crypto analyst, recently posted a tweet on X pointing out that more than 87% ofinvestors were out of money. Ali mentioned that UNI investors were in disbelief; selling pressure had gotten exhausted, and an important support floor was built around $4.Santiment’s chart revealed that UNI’s Supply on Exchanges went above its Supply Outside of Exchanges. Thus, proving that investors were in fact selling the token.Furthermore, the confidence of UNI whales was also declining.
Apart from price, the token’s daily trading volume also went up by more than 57%, reflecting investors’ willingness to trade the token. It was interesting to note that 90% of Uniswap’s trading volume comes from Mainnet and Arbitrum.Market Sentiment around UNI also improved in the last 24 hours, as evident by the massive rise in its social mentions. Bullish sentiment around the token also surged by more than 76%.
To add to that, another bullish signal was Uniswap’s altrank, which improved in the recent past. Thus, increasing the chances of a continued price uptrend in the days to come.A look at UNI’s daily chart also pointed out quite a few bullish indicators. For instance, Uniswap’s Relative Strength Index gained upward momentum. Its Chaikin Money Flow also went up, increasing the chances of a northbound price movement.
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Source: CryptoAmb - 🏆 22. / 68 Read more »