Whales Offload AAVE and UNI Tokens Amid Market Correction Risks
Recent trading activity indicates potential weakness in the DeFi sector, despite a broader market recovery. Whales are offloading significant amounts of tokens, signaling an anticipated correction.
Whales Offload AAVE and UNI
- Four whales have sold $12.7 million worth of AAVE and UNI tokens over two days.
- Whale 0x991 sent 41,469 AAVE tokens (worth $14.7 million) to Binance, securing a profit of $11.3 million.
- Whale 0x1d1 deposited 131,633 UNI tokens (worth $1.81 million), with a profit of $733,000.
- Whale 0xcc0 transferred 145,824 UNI tokens (worth $2 million), gaining $696,000.
The sell-offs highlight short-term risks in the DeFi space, especially for AAVE and UNI.
Uniswap Support Level
- Uniswap's price fell 1.08% to $13.36, with a market cap of $8 billion.
- A crucial support level is identified at $12.82.
- A bounce back may lead to a potential upside of 40% towards $18.82 if market conditions improve.
- A failure to hold above $12.82 could test lower levels at $10.76.
AAVE Price Analysis
- AAVE currently trades at $357, reflecting a 3.46% decline.
- The token faces resistance in the $371-$383 range.
- A bullish breakout above $400 might target $530.
- A pullback could see prices testing the Fibonacci level at $334.
Conclusion
The DeFi market shows signs of potential correction as whales offload assets. Key support and resistance levels for Uniswap and AAVE will be critical in determining future price movements, particularly if the broader market stabilizes.