Uniswap’s (UNI) September price recovery attempts appear to have hit a major obstacle around the $4.30 territory. On-chain analysis provides a data-driven Uniswap price prediction for the coming weeks. 

Uniswap’s price continues to swim in turbulent waters in September as network demand falters. Will the bears force another downswing below $4? 

After a Brief Rebound, Network Demand Has Nosedived This Week 

After a brief resurgence in mid-September, Uniswap network demand has entered another downtrend this week. On-chain data compiled by Cryptoquant reveals that only 3.9 million UNI tokens were deployed in network transactions on September 25. 

This is a 67% drop-off compared to the 11.5 million UNI Tokens Transferred on September 16. 

The Tokens Transferred metric tracks the total number of tokens deployed in network transactions during a given period. A decrease in Tokens Transferred, as observed above, implies dwindling demand. 

Hence, it could continue negatively impacting Uniswap’s price unless it trends upward, as seen on September 12 and September 16. 

Uniswap Holders Remain Wary of a Bearish Reversal 

The Uniswap price has declined for the better part of September 2023. On-chain

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Author: Ibrahim Ajibade

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