Uniswap Whales Pile On Amid Support Zone Retest

Uniswap's price action is retesting a key support zone between $3.90 and $4.20, a level that will determine its future direction.

This retracement comes despite the growth of the Uniswap platform, which has led to increased whale demand and network growth.

According to CryptoQuant's Average Order Size data, whale orders on the Uniswap network are surging around current UNI trading prices, indicating that investors are viewing the support zone as a potential reversal point.

The derivatives market remains tilted toward the bulls, with long positions on the Uniswap network accounting for 56% of total Open Interest, and funding rates have stayed positive for several weeks, showing continued confidence in the broader trend.