Uniswap (UNI) is exhibiting fresh signs of strength after a prolonged period of sideways movement. Recent whale activity and a growth in user base create a foundation for potential price rallies.
Whale Withdrawals: What They Indicate
On July 14, a significant transaction occurred with a wallet withdrawing 2.78 million UNI worth $25.52 million from Binance. Typically, large withdrawals suggest that the holder does not plan to sell anytime soon.
Rising Activity among Uniswap Users
According to Santiment, the number of active addresses on Uniswap has risen to over 2,300 daily, the highest since early June. An increase in active addresses often precedes significant price changes for UNI.
Future Price Prospects for Uniswap
Uniswap's price has broken through a major resistance and is currently around $9.53. The next key resistance level is $9.79. If momentum continues, potential targets could rise to $22.27.
The current market situation for Uniswap showcases signs of confidence from major investors and an overall increase in user activity. The future movements of UNI's price will depend on sustaining these trends.
