Uniswap Slumps Below Key Support Level Amidst Widespread Selling

Uniswap has dropped by 10% in value after breaching its key support level of $3.9, hitting a low of $3.4.

This sudden market drop triggered a massive wave of long liquidations, with over $3.25 million worth of long positions being liquidated according to CoinGlass data.

The increased selling activity on Futures further weakened the market, leading to a price decline.

As the altcoin's exchange netflow rose to a monthly high of 1.2 million, sellers showed greater determination and overpowered buyers, leading to a bearish shift in the market.