Uniswap (UNI) Sees Influx of Whale Activity as Large Transactions Surge 694%

Uniswap (UNI) has seen a massive surge in large transactions, highlighting increased whale activity and interest in the asset.

According to IntoTheBlock’s data, UNI’s large transactions have surged by a staggering 694% in the past 24 hours. This metric tracks transactions valued at $100,000 or more, indicating large-scale movements of the token.

Typically, when whales accumulate a token, it signals their confidence in the asset and can be a precursor to significant price movements. In the case of UNI, the massive influx of whale activity bodes well for the token’s short-term prospects and could set the stage for a further rally.

Source: IntoTheBlockFurther bolstering the bullish narrative, UNI’s trading activity also surged, with active addresses for the altcoin increasing by 23% in the same 24-hour period.

This metric, which counts the number of unique addresses that have either sent or received tokens, indicates a strong participation rate in the network.

Combined with the increased whale activity, it highlights growing interest in UNI and could potentially drive the token’s price upward.

Source: IntoTheBlockFinally, the long/short ratio, which measures the market’s overall bullishness, adds to the optimistic outlook. At the time of writing, the ratio stood at 57%, indicating that long positions are currently outnumbering shorts by a significant margin.

This imbalance, usually seen during bull markets, suggests a market-wide expectation of further price gains.

Together with the increased whale activity and relatively strong trading activity, the surge in the long/short ratio paints an intriguing picture for UNI’s short-term trajectory.

Source: CoinglassCrucially, UNI faces a key resistance level at $17. If the current momentum persists, a rally to this resistance level could be in the cards.

Breaking through this level would signal the start of a further bullish rally, with the next resistance zone lying between $20 and $22.

Conversely, if the token fails to hold the $12 support level, it could indicate a potential downtrend.

Source: TradingView on Binance