Uniswap [UNI] has seen a recent surge in price and trading volume thanks to a DeFi whale making a significant purchase of 437,000 UNI tokens. This bold move by the whale, who already holds over 2 million UNI tokens, has helped fuel a recovery in Uniswap’s price, which is now trading at $9.17. The increase in trading volume indicates growing interest from traders and investors, likely driven by the whale’s activity. Despite a drop in the number of active addresses, the steady trading volumes suggest that core users and long-term participants are still supporting the platform. This decline in active addresses could potentially signal a consolidation phase before renewed growth or significant market moves occur.
The price of UNI is currently being supported by key levels, with buyers defending levels around the 50 EMA, 100 EMA, and 200 EMA. The Accumulation/Distribution Line reflects steady accumulation as traders anticipate higher prices, while the Money Flow Index suggests that buying and selling pressure are balanced, leaving room for further upside momentum. If UNI can maintain support above the 50 EMA and break past the $10 resistance, it could potentially reach a target of $12, representing a 33% increase from current levels. However, a breakdown below $8.12 could invalidate the bullish setup and lead to further downside.
Overall, the recent activity of the DeFi whale in accumulating UNI tokens has had a positive impact on Uniswap’s price and trading volume. The whale’s bold play has helped drive a recovery in UNI’s price and renewed interest from traders and investors. Despite a decline in active addresses, steady trading volumes suggest that core users are still engaged with the platform. The current bullish structure forming around key support levels indicates that buyers are actively defending these levels, supporting the potential for further upside towards a target of $12. Investors will need to keep an eye on key support and resistance levels to gauge the future direction of UNI’s price.
