• Uniswap whales have accumulated more than 1.68M tokens this week amid rising interest in DeFi tokens. 
• UNI’s weekly chart also shows bullish signs that could push UNI to $27 if buying activity strengthens.

Uniswap [UNI] was trading at $17.47, at press time, after a more than 6% drop in 24 hours. Despite this dip, UNI is still up by nearly 40% month-to-date. Its market capitalization has also increased from $7.81 billion at the start of the month to $10.48 billion. 

Uniswap whales seem optimistic about more gains, given that large addresses holding between one million and ten million UNI tokens have increased their holdings by 1.68 million UNI tokens within four days. 

One of the whale addresses accumulating UNI is Galaxy Digital. According to Lookonchain, the digital asset manager withdrew 1.07 million UNI from exchanges on the 12th of December amid rising interest in Decentralized Finance (DeFi) tokens. 

This whale activity has coincided with bullish signs on Uniswap’s weekly chart, suggesting that it could make a bullish reversal despite the recent dip. 

UNI’s price analysis 

Uniswap’s weekly chart showed that a bullish trend is in play after breaking the neckline of a rounding bottom pattern, an indication that buyers were gaining strength. 

The Moving Average Convergence Divergence (MACD)was bullish, as seen by the green histogram bars and the MACD line that is above the signal line. 

The Average Directional Index (ADX) line was seen tipping further north, showing that the current uptrend is strong.

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Author: Muthoni Mary

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