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Uniswap (UNI) price has recently reclaimed the $6.50 milestone for the first time since March 2023. Will investors resist for more gains amid increasing selling pressure?
Critical Price Increase in UNI!
Uniswap started the month on a negative note, dropping to $5.08 on July 10th. However, since then, the UNI price has increased by 28%, reaching a new 4-month high. As unrealized profits for investors rise, how much longer can this last? With the popular altcoin UNI at a 4-month high, some investors may want to take early profits. On-chain data compiled by Santiment reveals a significant increase in the Age Consumed of Uniswap in the past few days.
As shown in the table below, the Consumed UNI Age increased from 11.66 million on July 22nd to 292.71 million at the end of July 30th. Consumed Age is calculated by multiplying the number of tokens recently traded by the number of days since they were last moved. This can primarily assess the current trading sensitivity among long-term investors. As observed above, a significant increase in Consumed Age may indicate long-term investors selling more of their assets. If this does not match sufficient market demand, it can trigger a price correction.
UNI Coin Expectations!
As the UNI price approaches a high, it appears that Uniswap is trying to cash in on profits rather than waiting for more gains from long-term investors. As another confirmation of increasing selling pressure, UNI sell orders may now exceed demand on various cryptocurrency exchanges.
According to the Exchange on-chain Market Depth table below, they placed orders to buy 1.29 million Uniswap tokens. However, this is marginally lower than the current active sell orders of 1.31 million UNI. On-chain Market Depth can show the price distribution of active buy and sell orders on various exchanges. As seen above, when the “bid/ask” side rises compared to the “sell/bid” side, it can signal imminent selling pressure.
