Uniswap Whales Pile On Amid Support Zone Retest
Uniswap's price action is currently retesting its support zone between $3.90 and $4.20, following two consecutive days of declines.
This range had flipped several bullish advancements before the breakout on July 30th. Despite the growth of the Uniswap platform, this retracement appears to be a short-term realignment before a strategic position at the support zone.
The recent expansion of Uniswap's trading infrastructure, including Uniswap Protocol and UniswapX across its Web App, Wallet, and API, has led to improving on-chain activity. According to Average Order Size data from CryptoQuant, whale orders are surging around current $UNI trading prices.
The derivatives market remains tilted towards the bulls, with long positions on the Uniswap network accounting for 56% of total Open Interest. Funding Rates have stayed positive for several weeks, indicating continued confidence in the broader trend.