Uniswap Price Faces Pressure as Exchange Supply Reaches 60-Day High

The Uniswap (UNI) token has seen a significant price increase of about 30% between September 17 and 23, peaking at $10.95 before retreating to around $9.29 on September 24.

However, this rally coincided with an influx of UNI onto centralized platforms, resulting in exchange supply reaching within 0.2% of its 60-day high.

This increased supply can support potential selling or hedging, and the token's price action is now between upper resistance and leveraged-long liquidation levels below the market.

The weekly Relative Strength Index (RSI) near 73 indicates that UNI is in an overbought zone, and the $11.50 level limits the upside after its recent price advance and rejection.