- UNI’s price moved up marginally in the last 24 hours.
- Most market indicators and metrics turned bearish on the token.
Uniswap [UNI] performed well last week, especially in terms of whale accumulation. The big players in the game started to stockpile more UNI, which was a bullish signal. Does this mean that retail investors should also consider accumulating?
Demand for UNI rises
As per the latest data from Lookonchain, a giant whale accumulated UNI worth more than $12 million in the last two days.
Additionally, network activity around the token also went up. This was evident from Token Terminal’s data, which pointed out a hike in its active users.
Therefore, AMBCrypto planned to have a closer look at what’s going on with UNI. We found that Uniswap’s Binance funding rate was green, meaning that buying sentiment was dominant in the derivatives market.
However, the most concerning metric was its open interest, as it dropped while UNI’s price surged. A drop in the metric generally hints at a possible trend reversal, which can put an end to the token’s bull rally.
As per CoinMarketCap, UNI’s price had moved marginally in the last 24 hours. At press time, it was trading at $12.4 with a market capitalization of over $7.4 billion.
Source: Santiment
What to expect from UNI?
While the token’s price increased, its social volume also rose, reflecting its popularity in the crypto space.
However, its weighted sentiment dropped last week. This clearly meant that bearish sentiment around the token was rising, hinting at a possible price correction.
Source: Santiment
As weighted sentiment dropped, a few of the market indicators also turned bearish on the token. For example, the Chaikin Money Flow (CMF) registered a sharp decline in the last few days.
The Relative Strength Index (RSI) also entered the overbought zone. This might exert selling pressure on the token, resulting in a possible end to the on-going bull rally soon.
Read Uniswap’s [UNI] Price Prediction 2024-25
Additionally, Uniswap’s price touched the upper limit of the Bollinger Bands, further suggesting that UNI’s price chart might turn red.
Nonetheless, the MACD favored the buyers as it displayed a bullish upper hand in the market.
Source: TradingView