Uniswap Price Rally: Can UNI Double Again in the Coming Weeks?
After an impressive rally in November that signaled strong bullish sentiment, Uniswap (UNI) has entered a two-week consolidation phase, offering new buyers an entry point. With a fully diluted valuation of around $16.5 billion and a daily trading volume of about $657 million, this mid-cap altcoin is drawing significant attention from institutional investors. After all, what’s better than a diversified portfolio?As market momentum builds, UNI’s recent price action and whale activity suggest that something big might be brewing.Digging Into Uniswap’s November BreakoutUniswap, a DeFi-focused and utility-driven token, has surged over 160% since the beginning of November. This rally pushed UNI past its previous resistance at $16.5, reinforcing optimism in the market. The UNI/BTC pair is also showing early signs of a trend reversal, coinciding with the altseason’s anticipated parabolic phase.Whale Activity and Exchange DepositsRecent on-chain data from Santiment shows that more than 800,000 UNI tokens, worth over $13 million, have been deposited into various crypto exchanges in just two days. Today, a major whale holding $89 million in crypto transferred 1.49 million UNI, valued at $24 million, to Binance.Earlier this week, Uniswap’s team made headlines by transferring nearly 5 million dormant UNI tokens to Coinbase Prime. These tokens, untouched for over 4 years, have raised speculation about the team’s potential strategic moves.Institutions have been depositing $UNI into exchanges over the past 2 days!1/ Whale “0x59a” with a $89.4M portfolio deposited 1.495M $UNI ($24.3M) to #Binance an hour ago, securing an estimated $13.7M profit (+129%) after 5 months.2/ @Uniswap team-related wallet “0xa37” sent… pic.twitter.com/DOa7ynLXKn— Spot On Chain (@spotonchain) December 18, 2024Key Targets and LevelsUNI is currently retesting a critical resistance level above $16, which could act as a springboard for its next bullish phase. On the weekly chart, the Relative Strength Index (RSI) recently climbed above 70% for the first time this year, signaling renewed strength in UNI’s upward trend.If a short-term correction occurs, analysts expect UNI to find strong support above $14 before continuing its bullish momentum.On higher time frames, UNI appears well-positioned for a potential 100% gain in the near term, provided market conditions remain favorable.Uniswap and the MarketThe growing bullish sentiment for Uniswap is expected to boost the entire DeFi ecosystem, which now has a market cap of over $138 billion and a daily trading volume of $11.4 billion. Tokens tied to both centralized exchanges (CEXs) and decentralized exchanges (DEXs) are showing signs of an imminent breakout, with many market watchers predicting new all-time highs for the sector.Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Daily Get real-time crypto news, market insights, and blockchain updates. Weekly Stay updated with major trends, funding news, and price analysis. Monthly Receive a detailed report with market analysis and expert predictions.