Uniswap’s UNI Token Drops 5.59% Amid $82M Institutional Sell-Off
The cryptocurrency market is currently facing volatility as Uniswap's UNI token experiences significant selling pressure. After reaching a resistance level at $6.780, UNI declined sharply, breaking below key support levels.
Blockchain data indicates that large institutional holders have transferred substantial UNI positions to centralized exchanges, including a significant transfer of 11.65 million tokens ($82.38M) to Coinbase Prime.
Technical Analysis Highlights
- UNI-USD fell from $6.658 to $6.286, a 5.59% decrease in 24 hours.
- Resistance established at $6.780 with high volume (2.02M).
- High-volume selling periods occurred between 05:00-07:00 and again at 10:00, the latter showing the highest 24-hour volume (2.43M).
- Price dropped below critical support at $6.30 during selling.
- Trading range showed $0.541 (8.12%) volatility.
- In the last hour, UNI saw extreme volatility, dropping from $6.387 to $6.239 (2.3% drop).
- A significant breakdown at 13:33 resulted in a 5.1% decline on high volume (48.8K).
- Heavier selling at 13:48 (116.4K volume) pushed UNI to its hourly low.
- A recovery in the final minutes lifted the price to $6.304, potentially establishing short-term support.