Summary
- According to the on-chain analytics platform Santiment, the top 100 wallets accumulated a total of 12.41 million UNI over the past eight weeks.
- Santiment analyzed that movements by top wallets have shown a close correlation with the price direction of Uniswap (UNI), the No. 32 asset by market capitalization.
- Santiment said that with a bullish divergence and if Bitcoin continues to rise or holds support, Uniswap is likely to attempt a breakout on the back of accumulated buying pressure.
Uniswap (UNI) whales have reportedly bought large amounts of UNI over the past two months.
According to Santiment, an on-chain analytics platform, the top 100 wallets by Uniswap holdings accumulated a total of 12.41 million UNI over the past eight weeks.
Santiment said, "Uniswap may have briefly fallen off investors' radar, but whales are increasing their positions near the bottom," adding that "historically, activity from these top wallets has shown a close correlation with the price direction of Uniswap, the No. 32 asset by market capitalization."
Technical indicators also flagged a positive signal. Santiment noted that on Uniswap's chart, price has been falling or moving sideways while indicators are rising—forming a 'bullish divergence.' Santiment projected that "if Bitcoin sustains its uptrend or provides support in the coming weeks, Uniswap is also likely to attempt a decisive breakout on the back of accumulated buying pressure."
On the day, UNI is trading in the $5.3 range on Binance's Tether (USDT) market, down 0.4% from the previous day.
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