Uniswap Price Plummets Below Key Support Level Amidst Widespread Selling

Uniswap has been under intense selling pressure in recent days, with its price plummeting by over 10% to a three-week low of $3.4.

The altcoin's price had been consolidating between $3.9 and $4, but this support level broke down, causing the price to drop below the key $3.9 mark.

The increased selling activity triggered a massive wave of long liquidations, with over $3.25 million worth of long positions being liquidated in just 24 hours.

Traders who had long positions panicked and increased their spending significantly, leading to a surge in Futures outflows and a net flow drop of 328% to -$31 million.

The spot sellers showed more determination than buyers, with the exchange inflow surging to 5.1 million while outflows rose to 3.9 million, resulting in an exchange netflow rise to a monthly high of 1.2 million.