Uniswap Price Takes a Hit as Major Holders Sell

Uniswap's price has taken a hit in recent days due to selling pressure from major holders. According to Pluang, several large wallets have transferred significant amounts of UNI tokens to exchanges like Binance and Bybit. One such wallet linked to Cumberland moved 2.5 million UNI worth $8.73 million, while another long-term holder sold 9.29 million UNI valued at $33.46 million.

This increased sell-side supply has led to a decline in price, with technical indicators suggesting bearish momentum. If selling continues, Uniswap may test the $3 support level, although renewed buying interest could help defend around $3.40.