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On-chain data reveals that Uniswap (UNI) large holders have been active in the last 24 hours. According to IntoTheBlock data, whale transactions in UNI skyrocketed by 1,713% in an unexpected move from this group of investors.
Whale moves push UNI to seven-day transaction high
Notably, in the last 24 hours, whale activity on Uniswap pushed transaction volume to hit 58.36 million UNI. The value of this transaction is notably pegged at $431.07 million.
This massive transaction volume indicates the high activity of Uniswap whales over the past day, as they have either bought or sold the asset. Their transactions might be preparatory to significant price shifts in the coming days.
Interestingly, the 58.36 million UNI transacted in the past 24 hours doubles as the asset’s seven-day-high record. The ecosystem's whales were at a 3.2 million seven-day low transaction volume before the current surge in activity.
Over the past seven days, Uniswap has seen a 5.26% price increase, suggesting that its activity may be influencing the outlook.
As of press time, Uniswap is trading at $7.42, representing a 0.58% increase over the last 24 hours. UNI had climbed to $7.47 before the mild retracement suffered. It might be a result of the low trading volume.
Despite the whale activity and slight uptick in price, volume remains in the red zone, down by 8.76% at $245.82 million.
Uniswap technical indicators show room for growth
Market participants anticipate a shift soon, as indicators of a potential rally are present in the Uniswap ecosystem. For instance, the Relative Strength Index (RSI) is at 54, suggesting that the asset still has room to increase in price before slipping into overbought conditions.
Technical charts indicate that if UNI can break the resistance between $7.62 and $7.65, it will likely push for a higher level of $8, provided it is supported by increasing volume.
The ecosystem is well suited for high-volume transactions, thanks to the improved gas efficiency resulting from the new Uniswap V4 protocol. It is worth mentioning that the V4 is more efficient for executing token swaps compared to the Uniswap V3.
With Uniswap whales currently active, retail investors may consider supporting a possible sustained rebound move.
Vladislav Sopov
U.Today Editorial Team