Uniswap [UNI] Strong Breakthrough Imminent! What is the Next Big Move for the DeFi Leader?
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Uniswap (UNI) continues to expand its dominant position in the decentralized exchange (DEX) market, with network activity surging from 36.8% to an impressive 91.3% in 2024. This growth has attracted over 45.3 million users, solidifying its status as the leading DEX platform.
Whales are buying in large amounts, market confidence is strong
Recently, a whale purchased 100,000 UNI for $1.42 million USDC, at a price of $14.24, further highlighting investor confidence in UNI. Although UNI's current price is $13.07, down 4.07%, key price support levels may determine its future trend.
Key price levels: Can it break through?
UNI's price chart shows significant breakthrough potential, forming a symmetrical triangle pattern. Typically, this structure indicates that a major price movement is on the horizon, especially after retesting the $12 resistance level; breaking this level could push UNI above $20, creating significant upside potential. However, recent selling pressure emphasizes the need for sustained buying momentum.
On-chain indicators bullish: Users and whales continue to flow in
UNI's on-chain data is optimistic. The net network growth rate has risen by 0.22%, indicating a large influx of new users; whale activity remains stable, and concentration has increased. Although the 'in-the-money' indicator has slightly declined, indicating some profit-taking behavior among investors, overall network activity still shows strong buying power.
Exchange reserves have slightly increased by 0.21%, reaching 70.22 million. While this suggests low selling pressure, this increase may also indicate some bearish sentiment.
Technical indicators: Breakthrough imminent?
In terms of technical analysis, the Average Directional Index (ADX) is at 26.77, indicating moderate trend strength. Although the 9-day moving average is below the 21-day moving average, suggesting bearish sentiment, the symmetrical triangle structure indicates that if the key price range is broken, it could trigger new bullish momentum.
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