UNI Poised for a Breakout, Analyst Suggests
According to prominent on-chain analyst Ali Martinez, Uniswap’s native token UNI may be on the verge of a breakout. Citing data from Intotheblock, Martinez highlighted that over 87% of UNI holders are yet to realize a profit, indicating potential upside. He also noted an increase in large UNI transactions, suggesting institutional interest at current price levels.
“With 87.56% of $UNI holders positioned ‘Out of the Money,’ Uniswap is preparing for a breakout! UNI investors are in disbelief; selling pressure has gotten exhausted, and an important support floor was built around $4.”
However, there are two significant resistance barriers at $4.23 and $4.45 that UNI must overcome for a bullish breakout.
Uniswap Foundation Transfers UNI Tokens
In the past week, Uniswap Foundation transferred 9.8 million UNI tokens worth approximately $40.66 million. The team deposited 3.4 million UNI to OKX, 3 million UNI to Kraken, and 3.4 million UNI to FalconX. This movement raised concerns about a potential sell-off, but UNI’s price has remained relatively stable above $4 despite the influx of tokens into exchanges.
Hot Take: Potential Breakout for UNI
The data suggests that there is growing anticipation for a breakout in the price of UNI. With a majority of holders yet to realize a profit and increasing institutional interest, the selling pressure on the token appears to have diminished. While there are still resistance barriers to overcome, the overall sentiment is optimistic for UNI’s future performance.
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