Whales absorb Uniswap supply, but UNI’s price refuses to follow
After a failed breakout attempt at $5.8, Uniswap (UNI) has been trading in a descending channel, with its price dropping to $4.92. Despite the downturn, whales have been buying the dip. One whale, in particular, panic-sold 798,734 UNI for $4.26 million but later bought back 757,684 UNI for $3.66 million, signaling a potential shift in sentiment. On-chain data shows a significant increase in buyer strength and negative netflow, indicating rising spot demand. However, UNI remains under strong bearish pressure, with its RSI deep in bearish territory and the price trading below key moving averages. While increased whale demand could help it reclaim $5.8, the current buying pressure is still insufficient to overcome the selling pressure, and a drop back to $4.5 remains possible.
ambcrypto01/21 10:02