Uniswap price prediction – How can UNI’s price action fuel the next DeFi rally?
The post Uniswap price prediction – How can UNI’s price action fuel the next DeFi rally? appeared on BitcoinEthereumNews.com.
UNI’s price formed a bullish triangle, indicating potential for a significant breakout Bullish on-chain metrics and growing long sentiment hinted at strong upward movement Uniswap’s [UNI] dominance in the decentralized exchange (DEX) market continues to grow, with its network activity surging from 36.8% to an impressive 91.3% in 2024. This remarkable growth has attracted over 45.3 million users, solidifying its position as the leading DEX for user acquisition. Meanwhile, a whale’s recent $1.42 million USDC purchase of 100,000 UNI at $14.24 highlighted strong investor confidence. At press time, UNI was trading at $13.07, with the altcoin down by 4.07% and key price levels likely to dictate its next direction. Key levels to watch for a breakout UNI’s price chart highlighted the potential for a major breakout, as a symmetrical triangle pattern formed. Such a structure often signals a significant move, and the retest of the $12 resistance level added to bullish possibilities. A breakout above this level could propel UNI towards $20 or higher, generating substantial upside for traders. However, recent selling pressure on the chart underlined the importance of sustained buying momentum. Source: TradingView What do metrics reveal about network activity? On-chain metrics pointed to a mostly bullish outlook for UNI. Net network growth rose by 0.22%, indicating an influx of new users. Additionally, whale activity has remained consistent, with the concentration increasing by 0.07%. However, the “In the Money” metric declined by -1.41%, pointing to profit-taking behavior among some holders. Large transactions dropped by -5.59%, signaling short-term caution. These mixed signals highlighted the importance of monitoring whale movements and broader market sentiment to gauge UNI’s trajectory. Source: IntoTheBlock UNI exchange reserve analysis The exchange reserves saw a modest hike of 0.21%, bringing the total to 70.22 million tokens. While this could allude to slight selling pressure, the low…
Filed under: News - @ December 29, 2024 4:03 am