Uniswap (UNI) demonstrated good performance last week, particularly in terms of whale accumulation. Large-scale investors began to stockpile more UNI, which could be a bullish signal. Does this mean individual investors should also consider accumulating?
UNI’s Analytical Reports
According to recent data from Lookonchain, a giant whale accumulated over $12 million worth of UNI in the past two days. Additionally, network activity surrounding the token has increased. This can also be seen from Token Terminal’s data indicating a rise in active users. Uniswap’s Binance funding rate is on an upward trend, suggesting a dominant buying sentiment in the derivatives market. However, the most notable measurement could be the open interest, which has decreased while UNI’s price has risen.
A decrease in this metric usually points to a potential trend reversal, which could end the token’s bull rally. According to the website 21milyon.com, UNI’s price has experienced a marginal change in the last 24 hours. At the time of writing, it is trading at $12.4 with a market value of over $7.4 billion. As the token’s price increased, so did its social volume, reflecting its popularity in the crypto space. However, the overall sentiment declined last week.
Current Data on UNI
This situation could mean an increasing bearish trend around the token and a possible price correction. As the weighted sentiment falls, several market indicators also show a bearish trend for the token. For example, the Chaikin Money Flow (CMF) has recorded a sharp decline in the past few days. The Relative Strength Index (RSI) has also entered the overbought zone. This could create selling pressure on the token and result in the end of the ongoing bull rally. Additionally, Uniswap’s price touched the upper boundary of the Bollinger Bands, suggesting that UNI’s price chart could turn downwards. However, the MACD may have turned in favor of the buyers, showing an upward dominance in the market.
