UNI falls 3.99% after Binance attacker sells $39.63M
Uniswap (UNI) fell 3.99% to $6.73 on October 30 after the attacker behind the Binance hack sold 7.02 million UNI tokens for about $39.63 million. The sale was part of a wider operation involving seven altcoins; the attacker converted the proceeds into 70,480 ETH, worth around $158.25 million. UNI recovered from an intraday low near $6.27 but remained down 7.62% over seven days and 23.48% over the past month. Traders are watching support at $6.25–$6.50, with resistance near $7.00 and $7.50. Standard Chartered analyst Geoffrey Kendrick said the security incident could encourage traders to use decentralized exchanges such as Uniswap, and maintained a $100 UNI price target for 2030. However, near-term momentum remains weak, with a slightly negative money-flow reading and further market weakness possible.
Bearish
The immediate trading signal is bearish. The attacker’s sale added substantial sell-side supply to UNI during an already weak market, and the token was down 23.48% over the month. The $6.25–$6.50 area is an important support zone; a sustained break below it could bring $6.00 and the longer-term moving average near $5.60 into focus. A short-term chart pattern also suggested downside risk toward $6.55, while the slightly negative money-flow reading offers little confirmation of a durable rebound. Similar large on-chain disposals after exchange breaches have often heightened volatility and encouraged traders to reduce risk, although the broader market trend and subsequent buying demand determine whether the pressure persists. In the short term, traders may remain cautious and watch support, exchange flows and broader crypto prices. Longer term, the incident could benefit decentralized exchanges if users increasingly prioritize self-custody, as Standard Chartered’s Geoffrey Kendrick argues. That potential adoption tailwind—and his $100 UNI forecast for 2030—does not offset the current selling pressure or guarantee a price recovery.