In the past four weeks, the price of the $UNI token has experienced an impressive surge, marking a remarkable 143% increase fueled by heightened buying demand.
This recovery rally propelled the token’s price above $10, with Uniswap breaking through the significant $13.5 resistance level to reach a yearly high of $16.94. Notably, this recent high, established yesterday, has now transitioned into a support level, poised to withstand potential bearish reversals.
Amidst the surge in $UNI’s price, on-chain reports indicate significant activity from a wallet associated with Uniswap: Team/Investor/Advisor.
Following yesterday’s price surge, this wallet sold 41,000 $UNI tokens, amounting to $608,000. Notably, similar activity was observed on February 14, when the wallet offloaded 43,000 $UNI tokens valued at $485,000. Despite these sales, the wallet still retains a substantial holding of 358,326 $UNI tokens, valued at $5.83 million.
The price of $UNI increased by more than 20% today!
A wallet related to Uniswap: Team/Investor/Advisor sold 41,000 $UNI($608K) after the price increased.
This wallet also sold 43,000 $UNI($485K) on Feb 14(after the price of $UNI increased).
Currently, this wallet still holds… pic.twitter.com/i9VfdPPpvG
— Lookonchain (@lookonchain) March 6, 2024
$UNI Progressive Price Action To Monitor
However, despite the recent highs, $UNI experienced a minor decline of nearly 5% today, signaling potential fluctuations in its price trajectory.
Nevertheless, the establishment of the $16.94 level as a support zone reflects the growing investor confidence in the token’s stability and long-term prospects.
The surge in $UNI’s price underscores the increasing interest and confidence in the Uniswap ecosystem, driven by its innovative decentralized exchange platform and the broader DeFi landscape.
As the cryptocurrency market continues to evolve, $UNI’s performance serves as a testament to the growing relevance and significance of decentralized finance protocols in the digital economy.
Looking ahead, investors and analysts alike will closely monitor $UNI’s price movements and market dynamics, anticipating further developments and potential opportunities within the Uniswap ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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