The post Uniswap: Will a 694% surge in whale activity push UNI past $17? appeared on BitcoinEthereumNews.com.

UNI large transactions have surged by 694% in the last 24 hours. Positive on-chain metrics and a bullish long/short ratio suggest the potential for further price gains. Uniswap [UNI]  has seen a significant spike in large transactions recently. The asset’s large transactions have surged by an impressive 694% in the past 24 hours, according to IntoTheBlock’s data. This surge highlights an influx of whale activity, with big-money players potentially driving the market as UNI’s price finds support at the $12 level.  Historically, heightened whale activity often signals increased confidence in a token. For UNI, it could set the stage for notable price movements. Source: IntoTheBlock   Adding to the momentum, UNI’s trading activity is gaining traction. Active addresses for the altcoin surged by 23% within the same 24-hour period. This increase in trading activity reflects growing interest and participation in the network, potentially bolstering bullish sentiment. Source: IntoTheBlock Long/Short Ratio leans to the bulls’ side Another metric lending support to the optimistic outlook is the long/short ratio. At the time of writing, the ratio stood at 57%. This indicates that long positions are currently dominating the market. Usually, when long positions outweigh shorts, it often signifies a market-wide expectation of further price gains.  Combined with the increased whale activity and relatively strong trading activity, the surge paints an intriguing picture for UNI’s short-term trajectory. Source: Coinglass Key resistance at $17 in sight Technically, UNI faces a crucial resistance level at $17. If the current momentum persists, a rally to this resistance level could be on the cards. Breaking through this level could signal the start of a further bullish rally. Whale activity typically acts as a precursor to significant price movements. With whales accumulating, UNI’s prospects look promising. Moreover, the confluence between whale activity, active address growth, and the bullish…

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Filed under: News - @ January 15, 2025 4:13 am