• UNI faces $17 resistance, supported by bullish long/short ratio trends.
  • Whale activity surged 694%, signalling potential bullish momentum for UNI.

Uniswap (UNI) has been trading at $14.14, marking a 7.54% increase in the last 24 hours. The trading volume has also surged significantly, rising by 103% during the same period. This price movement propelled UNI to a nine-day high of $14.62, although the token is down 13% over the past month and remains 69% below its all-time high of $44.97.

Can Uniswap (UNI) Break The $17 Resistance? image 0 UNI Price Chart, Source: Sanbase

Recent data from research highlights a sharp 694% increase in large transactions within the Uniswap network, indicating heightened activity from whales. This surge in high-value transactions suggests growing confidence among big-money players, as UNI’s price stabilises at the $12 support level. Historically, such whale activity often signals impending price movements, potentially paving the way for further bullish momentum .

Moreover, adding to the positive sentiment, UNI’s active addresses have surged by 23% in the past 24 hours, reflecting increased trading interest and user engagement. The uptick in active participation underscores the token’s growing appeal and strengthens the case for a sustained upward trend.

Long/Short Ratio Points to Bullish Sentiment

The long/short ratio, currently at 57%, tilts in favour of long positions, further bolstering bullish expectations. A dominant presence of long positions in the market often signals investor optimism and potential price gains.

On the technical front, UNI faces a key resistance level at $17. Breaking through this level could trigger a significant rally. Analysts suggest that the current alignment of whale activity, growing active addresses, and the bullish long/short ratio creates an ideal environment for price escalation.

While UNI’s metrics indicate promising short-term potential, broader market dynamics and investor sentiment will play critical roles in sustaining the bullish momentum. If the positive trends persist, the altcoin could surpass the $17 resistance and set the stage for further gains.