Uniswap Breaks Trendline, Eyes $7 as Next Target
Uniswap's price has broken above a long-standing descending trendline, and investors are eyeing a potential breakout to $7. The altcoin's price has recovered significantly from its June low of $2.80, with recent whale accumulation near $5.76 and expanding Uniswap activity on the Robinhood Chain strengthening the setup.
The large wallet accumulated approximately 294,680 UNI worth $1.7 million at an average acquisition price of $5.76, placing them in profit based on the current market price around $6.27. The accumulation occurred near the same region where UNI reclaimed during its latest rally.
Exchange flows and wallet balances will be crucial in determining whether this represents a sustained accumulation strategy. Continued withdrawals from centralized exchanges would reduce immediately available exchange supply, while transfers back to exchanges could increase potential selling pressure.