- Whale bought 437K UNI, fueling the price recovery.
- Uniswap is targeting $12 as buyers defended the key support levels at $8.4.
Uniswap [UNI] rode the bull run while whales actively collected the token behind the scenes. Could this help UNI outperform other tokens in the coming weeks?
Whale’s bold play on Uniswap
A recent post on X (formerly Twitter) by blockchain tracker Spot On Chain highlighted the activity of a DeFi whale that spent $4 million USDC to purchase 437,000 UNI tokens.
An early holder of UNI, this whale has amassed 2.248 million UNI tokens worth $20.8 million, with unrealized gains of $5 million (+31.5%), acquired at an average price of $7.06.
After this massive purchase, Uniswap’s price has recovered from previous losses, gaining 0.08% to trade at $9.17, at the time of writing.
Moreover, trading volume has increased by 38.85% in the last 24 hours. This indicated increased interest and participation from traders and investors, likely fueled by this whale’s activity.
A decrease in the number of Uniswap addresses indicates…
Uniswaps The number of daily active addresses (DAA) fluctuated between 6,000 and 10,000 between March and November.
During a sharp spike on November 5, active addresses exceeded 11,000, reflecting increased user engagement during that period.
Source: DefiLlama
However, after this peak, the number of active addresses gradually decreased and stabilized between 8,000 and 9,000.
This decline indicated a possible cooling of speculative activity or reduced trading interest in the short term.
Despite the reduction, consistent activity levels suggested that core users and long-term participants continue to support the platform. This corresponds to increased whale accumulation and stable trade volumes.
The decline also signals a potential consolidation phase, where reduced participation could set the stage for renewed growth or significant market moves.
UNI targets $12 as buyers defend THIS support level
The four-hour chart for UNI highlighted a bullish structure forming around key support levels.
Uniswap’s price was slightly above the 50 EMA of $8.84, the 100 EMA of $8.55, and the 200 EMA of $8.12, all of which acted as strong support zones.
This positioning indicated that buyers are actively defending these levels, keeping the uptrend intact.
Source: Tradingview
The accumulation/distribution line stood at 54.623 million, reflecting steady accumulation as traders add to their positions in anticipation of higher prices.
Meanwhile, the Money Flow Index (MFI) is neutral at 50.19, suggesting buying and selling pressure are balanced, with room for further upside momentum.
A break to the expected $12.00 target represents a 33% upside from current levels.
Realistic or not, here is UNI’s market cap in BTC terms
If the price maintains support above the 50 EMA and surpasses the $10 resistance, bullish momentum could propel Uniswap towards this target.
However, a breakdown below $8.12 could negate the bullish stance and lead to further downside.