UNI could be preparing for a breakout if these metrics are to be believed

UNI could be preparing for a breakout if these metrics are to be believed

October 31, 2023

By Dipayan Mitra

Read Uniswap’s [UNI] Price Prediction 2023-24

UNI whales were selling their holdings as the supply held by top addresses dropped

Market sentiment around UNi turned bullish in the last 24 hours

While most cryptocurrencies in the market witnessed a bullish sentiment, Uniswap [UNI] recently saw a transfer worth millions of dollars. Such transactions are often followed by shifts in price action, which seemed to be the case for UNI in the last few hours of press time.

Furthermore, the fact that several metrics turned bullish for UNI, suggesting a hike in its price over the days to follow.

Is Uniswap under selling pressure?

Unlike most cryptocurrencies that registered price upticks last week, UNI showed a different behavior. According to CoinMarketCap, UNI was down by more than 1.5% in the last seven days.

While the token’s price dropped, Lookonchain’s latest tweet revealed that UNI witnessed a massive transaction.