Uniswap Whales Accumulate 12.4M UNI — Hold $5, Break $7 to Target $10
Uniswap (UNI) top-100 wallets accumulated roughly 12.41 million UNI over eight weeks, signaling notable whale accumulation while price consolidated around $5–$5.6. On-chain data (Santiment) shows concentration of buying by large holders and outflows from small wallets, suggesting distribution to stronger hands. Protocol-level supply reductions (UNIfication, activation of protocol fees, token burns and a 100M UNI treasury burn) add a structural bullish element. Technically, UNI trades below the 20- and 50-day EMAs and the 200-period MA remains overhead; RSI sits near 45, indicating mixed momentum. Key levels: support near $5 (psychological) and a long-term ascending trendline from June 2023 (~6.5% below current price); resistance cluster at $6.5–$7.0, with a decisive daily close above $7 expected to shift sentiment sharply bullish and open a possible path toward $10. Spot volumes and perpetual futures open interest (~$380–420M) are subdued, showing weak retail participation and lower leverage, which reduces immediate liquidation risk but may limit momentum. Traders should watch whale accumulation, volume spikes, a reclaim of $5.60–$6.3 for short-term bullish confirmation, daily close above $7 for a stronger breakout, and Bitcoin direction as an amplifying factor. Risk management is advised around the 20/50 EMA zone and beneath the ascending trendline—breach of those supports could accelerate declines toward sub-$4 levels.
Bullish
Net effect is cautiously bullish. Whale accumulation of ~12.41M UNI and protocol-level supply reductions are structural supports that increase the probability of upward moves. Both summaries note subdued retail volume and low derivatives open interest, which limit immediate leverage-driven rallies but also reduce sharp liquidation risk. Short-term technicals are mixed—price below key EMAs and RSI near 45—so momentum may remain muted until a clear breakout occurs. A decisive daily close above $7 would likely trigger stronger bullish momentum and a potential move toward $10; conversely, breach of the ascending trendline or $5 support would negate the bullish case and pressure UNI toward sub-$4. For traders: the headlines favor a medium-term bullish bias driven by accumulation and supply changes, but execution should wait for confirmation via volume and price action (reclaiming $5.60–$6.3 or a daily close above $7) and include risk controls around the EMA zone and trendline.