- Whales linked to Uniswap transferred over 19 million UNI to Coinbase Prime, raising fears of a potential sell-off.
- Despite this, a bullish wedge breakout hints at a possible 52% rally toward $7.84.
Uniswap (UNI) is facing heightened scrutiny from traders and analysts alike after a series of significant whale movements raised alarms about a potential sell-off. Over the past week, four wallets linked to the decentralized exchange (DEX) transferred a staggering 19.21 million UNI — worth roughly $102.7 million — to Coinbase Prime. Among these was a dormant wallet that had been inactive for nearly five years, moving 9 million UNI alone.
These large transfers, particularly from wallets associated with a project’s early days or development team, often spark concerns about impending dumps. A sudden influx of tokens into centralized exchanges can flood the market, triggering price volatility and stalling any ongoing recovery momentum. So far, Uniswap has remained silent on the transfers.
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Despite the looming sell-off fears, UNI’s price saw a modest 1% uptick to $5.35 on Wednesday, fueled by a breakout from a falling wedge pattern — a traditionally bullish technical setup. This pattern, characterized by converging trendlines sloping downward, suggests a potential rally of up to 52%, targeting a price of $7.84.
Still, UNI remains below key resistance levels at the 50-, 100-, and 200-day Exponential Moving Averages (EMAs), currently acting as formidable barriers. A break above these levels could pave the way to $10.00, but failure to do so might see UNI retest support around $4.50.
On-chain data reflects a cautiously optimistic mood. Open Interest (OI) in UNI derivatives rose by 0.75% to $246 million, with bullish sentiment evident in long/short ratios on major exchanges — 1.71 on Binance and a stronger 2.6 on OKX. However, trading volume dipped slightly by 0.41% to $341.5 million, signaling tempered enthusiasm among traders.
The Relative Strength Index (RSI) remains below the neutral 50 mark at 44, hinting at lingering bearish pressure. As whales awaken and liquidity shifts, all eyes remain on Uniswap’s next move — will it climb toward $7.84, or buckle under the weight of its own whales?
