After an impressive rally in November, Uniswap (UNI) is consolidating to accommodate potential new buyers. The mid-cap altcoin is attracting institutional investors looking to diversify their crypto portfolios.
Consolidation and Investor Attraction
Uniswap has rallied over 160 percent since the beginning of November, breaking out of the former resistance level around $16.5. The UNI/BTC pair is attempting to initiate a trend reversal as the altseason shows signs of entering a parabolic phase.
Preparing for Major Market Moves
According to Santiment's on-chain data analysis, more than 800k UNI tokens, worth over $13 million, have been deposited to various crypto exchanges in the past two days. A major player with an $89 million crypto portfolio deposited 1.49 million UNI, worth over $24 million, to Binance. Earlier this week, the Uniswap team sent nearly 5 million UNI tokens to Coinbase Prime after a dormancy of over 4 years.
Market Impact
The notable bet on Uniswap's bullish trend will trigger similar sentiment in the DeFi space, which has grown to a market cap of over $138 billion. Most crypto tokens focused on CEX and DEX have signaled an imminent bullish breakout toward a new all-time high.
Uniswap continues to consolidate its market position by attracting substantial interest from major players. These moves bolster expectations for significant growth and positively impact the overall state of the DeFi sector.
