Uniswap (UNI) Faces Heavy Selling as Institutional Moves Signal Market Retreat
Uniswap’s native token, UNI, endured a sharp downturn amid intensifying market volatility, with large-scale exchange deposits suggesting growing bearish sentiment among institutional players.
After reaching a local peak of $6.78, UNI reversed course, undergoing a steep decline driven by consecutive waves of high-volume sell-offs. Technical indicators from CoinDesk Research’s analytics model highlighted the breach of several key support levels, amplifying concerns about near-term price stability.
On-chain data revealed that two major wallets offloaded a combined 11.65 million UNI — worth approximately $82.38 million — to Coinbase Prime, an institutional-grade platform. Such sizeable transfers are typically seen as a precursor to selling pressure, further reinforcing bearish undertones.
Technical Breakdown:
- UNI fell from $6.658 to $6.286, marking a 5.59% drop over the past 24 hours.
- Strong resistance formed at $6.780 during midnight trading, coinciding with a spike in volume to 2.02 million tokens.
- Key support at $6.30 gave way during two intense sell periods from 05:00 to 07:00 and around 10:00, with the latter logging the highest intraday volume at 2.43 million.
- UNI traded within a volatile $0.541 range (8.12%), indicating heightened market uncertainty.
- A sharp dip occurred in the last trading hour as UNI slid from $6.387 to $6.239 — a 2.3% drop — before bouncing.
- The steepest hourly plunge came at 13:33 with a 5.1% drop on 48.8K volume, followed by another heavy sell at 13:48 on 116.4K volume.
- Despite the pressure, a late-session recovery lifted UNI back above $6.30, hinting at a potential short-term floor.
While UNI remains up around 20% over the past month, the latest activity signals cautious sentiment among large holders, potentially setting the stage for further volatility ahead.
