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NEAR Protocol
Key Insights:
- The sell wall for Uniswap price is around $13.75, a key resistance zone to watch.
- Uniswap led by 24-hour DEX volume while whales were massively withdrawing UNI from exchanges.
- New milestones unlocked as 2 Million uni.eth usernames were already claimed with Uniswap extending onchain identity.
Uniswap (UNI) has closed red for two consecutive days of the weekend following the bullish sentiment seen recently. The altcoin is among the top DeFi tokens to watch out for as participants await a potential rate cut in September.
The protocol was expanding at a consistent rate, especially with the launch of Unichain. The UNI token is among the top traded tokens on the Base chain, affirming its wide user base. It was up less than a percent in 24 hours, reflecting strength on the back of a broader market correction.
Retail traders and whales looked interested in the token, anticipating it could replicate the current success in the near term. Still, it has to surpass some key levels to ascertain bullish continuation. Can the boost offered by the whales increase the chances of a rally?
Uniswap Price: Bulls Charge But Face a Stumbling Block
The Uniswap price action was in a strong bullish trend. The price has made higher highs since the bottoming of most altcoins in April and May. Trading volumes remained pronounced since the double bottom that changed the Uniswap price structure.
While the token was in demand among traders, its price grew. It still faced a hurdle at $13.5 to $14 zone. UNI price bulls needed to win the battle against the aggressive sellers. The zone was dense with shorts awaiting execution and longs on the verge of closure.
Reclaiming the resistance zone could help UNI hit $15 and eventually $20. The contest between bulls and bears at $14 is the ultimate test for Uniswap price.
At the time of writing, UNI price appeared to be forming a higher low. It could be the leg that pushes UNI past the sell wall. The bearish engulfing at $12 hardened the situation.
Whales Reloading UNI, DEX Volume Surging
Whales and the DEX volume could be the answer to the break. A Whales were scrambling for UNI tokens as the sentiment turned bullish. Onchain Lens reported that an address accumulated $3.55 Million UNI, taking its total to 814K UNI worth over $9 Million.
Another address was buying UNI, Pendle (PENDLE), and Bitcoin (BTC). As per ZYN post on X, whales were very bullish on altcoins, with UNI receiving notable attention.
On the DEX volume, UNI was still notable. The total DEX volume on the Base chain rose by 20% in one week, led by AERO’s $229 Billion. Uniswap followed with $87.2 Billion, more than double third placed PancakeSwap. The lasting effects of this surge in trading activity could help unclock the next rally for Uniswap price.
Its revenue was still soaring. Uniswap was third with more than $6 Million behind Tether and Circle in revenue generation. Uniswap’s battle is almost won against other tokens, but it is way behind the stablecoin issuers. Stablecoins are the most used cryptos, and it is hard to flip them.
Moving forward, onchain and whale activity could help UNI break the key resistance level at $14. However, breaking this level doesn’t entirely rely on these onchain signals. Other fundamental factors, like rate cuts, also impact market reactions.
Uniswap Unlocks New Milestone in Onchain Identity
Uniswap is unlocking a new milestone for the crypto community. The blockchain is offering free onchain identity. The uni.eth username had already been claimed by more than 2 Million users.
By doing so, Uniswap Labs was increasing token adoption by covering the gas fee needed to acquire these usernames on the Ethereum Name Service. Additionally, user experience on Uniswap’s trading platforms is pretty streamlined.
On the downside, network congestion could increase now. That’s because there is no gas fee is required to claim the name.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
