Uniswap’s outlook appears uncertain as big investors show dwindling interest in UNI tokens. This change in sentiment coincides with a broader correction phase in the overall cryptocurrency market.
Major Sale of $16.73 million UNI Tokens by Whale
Recent data from whale transaction tracker Lookonchain revealed that trading firm Cumberland offloaded a considerable 989,520 UNI tokens valued at $16.73 million on December 10th.
The tokens were liquidated across various centralized exchanges like Binance, Coinbase, OKX, and Robinhood.
As UNI’s price fell by 10%, Cumberland began moving its holdings, sparking concerns among investors and traders.
Currently, UNI is trading around $15.65 after experiencing an 11% drop in value over the past 24 hours.
An analysis of Coinglass data indicates that more whales and institutional investors are shifting their funds to exchanges, hinting at potential sell-offs.
Exchanges have recorded approximately $3.5 million in asset inflows, as per the Spot Inflow/Outflow data.
In the crypto sphere, “inflow” denotes the movement of assets from wallets to exchanges, typically suggesting an upcoming sell-off and potential price decrease.
Despite the recent inflow, the amount was significantly lower than outflows over the past few days. This points to long-term holders backing UNI, potentially averting further price dips.
UNI Technical Analysis and Critical Levels
As per CryptoCrypto’s technical assessment, UNI has hit a critical support level at $15.30 post the recent decline, setting up a pivotal moment for the altcoin.
With recent price movements, UNI faces two likely scenarios—either a surge or further decline.
If UNI maintains levels above $15.50, there’s a strong chance of a 30% jump to hit $20.50 soon.
On the flip side, failing to hold the support and closing below $14.60 could trigger a 20% drop, potentially reaching $11.10 in the days ahead.