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Uniswap: Will a 694% surge in whale activity push UNI past $17?
Recent data from IntoTheBlock has revealed a staggering 694% surge in large transactions for Uniswap (UNI) over the past 24 hours. This unprecedented spike in whale activity is coupled with an increase in active addresses and a bullish long/short ratio, which may potentially propel UNI to new heights. In this article, we’ll examine whether these metrics signal a likely push towards $17.
Unprecedented whale activity sets stage for price surge
The data paints a compelling picture, as the large transactions have surged by an astonishing 694% in the last 24 hours. This significant increase in whale activity is particularly noteworthy since it often precedes substantial market movements. With whales accumulating UNI at such an accelerated pace, the potential for further price gains becomes increasingly plausible.
Growing trading activity underscores bullish sentiment
In addition to this extraordinary surge in large transactions, active addresses have also increased by a respectable 23% within the same timeframe. This uptick in trading activity reflects growing interest and participation in the network, which may reinforce the already optimistic outlook on UNI’s short-term trajectory.
Bullish long/short ratio supports upward trend
Further bolstering this positive sentiment is the current state of the long/short ratio. At the time of writing, the ratio stands at an impressive 57%, indicating that long positions are currently dominating the market. When long positions outweigh shorts, it often signifies a broader expectation of further price gains.
Technically, UNI’s future trajectory is closely tied to its ability to break through the crucial resistance level at $17. Should this occur, it could mark the beginning of a more substantial bullish rally.
Can UNI sustain its momentum?
While these metrics present an encouraging narrative for UNI’s potential rise, market conditions can rapidly shift in response to broader trends and investor sentiment. As such, any conclusion about UNI’s future performance should be taken with a grain of salt.
Source: ambcrypto.com
