Uniswap (UNI) price appears to be on the cusp of a rebound, with early signs of bullish activity emerging. Recently, the cryptocurrency has faced a downward trend. Currently, UNI hovers around crucial support levels. Meanwhile, the broader cryptocurrency market is experiencing a period of stagnation, with most assets moving sideways.
This analysis highlights a potential shift in momentum for the top altcoin, suggesting that investors might soon see a positive turn. As the market stabilizes, all eyes are on these support levels to gauge the next significant move.
Uniswap Price Surges as 100% Supply Unlocks
Uniswap has fully unlocked its entire 1 billion token supply. Despite this, only approximately 258.3 million UNI tokens, equating to 25.83% of the total, are actively circulating. This analysis, provided by EmberCN, points out that most of the supply is controlled by the community treasury.
Originally issued and listed in September 2020, the UNI token was allocated 83% (830 million tokens) to the team, investors, and the community treasury under a four-year unlock schedule. Now, four years later, all tokens are technically available; however, the primary holders have released less than 8.37 million of these tokens to the market, keeping the actual market circulation relatively low.
UNI Price Eyes $10: Could This Be the Start of a Bull Run?
Over the past 24-hours, the Uniswap price has seen significant fluctuations, experiencing a sharp increase in value. At the time of writing, the UNI price hovered at $6.58, making a surge of 2% indicating a bullish trend as other crypto markets trade in a sideways trend.
The Awesome Oscillator (AO), a momentum indicator displayed beneath the main chart, peaked in mid-June and has since decreased. Recent values hover close to the zero line, which often signifies market indecision or potential for trend reversal. Currently, the AO value stands at 0.260, indicating a slight increase in bullish momentum.
The Santiment data indicates a significant fluctuation in the net flow of large holders of UNI cryptocurrency over the recent week. On September 9, the net flow was effectively neutral, showing no substantial inflows or outflows. This changed dramatically in the following days, with a sharp decrease, indicating a large outflow of approximately 529.65k UNI around September 12.
Subsequently, there was a rebound, as the netflow surged to 141.7k UNI by September 16. During this period, the price of UNI experienced minor changes, hovering around $6.41. This data suggests that large holders have been actively managing their holdings, which might be a response to external market conditions or internal portfolio decisions.
Uniswap current trading price is pushing against a significant resistance level at $7. If UNI surpasses this mark, forecasts suggest a rise to $8 is possible. Following this, a bullish trend might propel it to $10. With further momentum, the value of Uniswap could potentially reach $11 in its next growth phase.
The post How High Can Uniswap Price Reach After 100% UNI Token Unlock? appeared first on CoinGape.
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