Renowned analytical platform Spot On Chain has recently reported a development in the Uniswap (UNI) market. A wallet that had remained dormant for six months was recently reactivated, leading to notable transactions. The wallet withdrew over 1.48 million UNI, valued at approximately $10.4 million, from Coinbase Prime, marking a significant move.
The reactivated wallet now holds a total of 3.91 million UNI, with a combined value of $27.2 million. This substantial holding includes 3 million UNI withdrawn from Coinbase at an average price of $6.89 in February and August 2024, amounting to $20.6 million.
The wallet also received 911,000 UNI from the Uniswap treasury, which was unlocked in September 2020. This amount was transferred in February 2024 when UNI was valued at $7.74, totaling $7.05 million. These transactions indicate a strategic accumulation of UNI, possibly anticipating future market movements.
In a X post on Thursday, a crypto analyst – The Crypto Dog – suggested that UNI could be the market’s next “fastest horse.” This statement highlights the potential for significant future gains, suggesting that UNI could soon outperform other cryptocurrencies.
Technical analysis of UNI revealed a solid upward momentum. On the 4-hour chart, UNI has broken above the 50 and 200 Exponential Moving Averages (EMA), signaling a potential bullish trend. Furthermore, the price has surpassed the critical 50% Fibonacci retracement level, a signal of growing bullish momentum.
Over the last 24 hours, UNI’s price has surged by 7.95%, nearing trading at the $6.90 mark as of press time. The momentum indicators, particularly the Moving Average Convergence Divergence (MACD), also suggest continued upward movement.
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Accompanying this bullish signal, Prometheus Capital’s recent inclusion of Uniswap (UNI) and Arbitrum (ARB) to its custodial list has probably boosted investors’ confidence in UNI further. Such institutional endorsements usually result in high demand and, hence, high prices for the asset, affirming its bullish narrative.
UNI seems to be in a strong upward trend, strengthened by factors such as whale accumulation, technical indicators, and institutional funding. With fundamental metrics in the key markets pointing upwards, UNI would likely continue to experience an increase in its price.
