Whale adds $10.4 million of UNI

Uniswap (UNI), an Ethereum-based altcoin is making waves in the cryptocurrency landscape due to its impressive price surge and recent breakout. On August 22, 2024, following the breakout, a whale reactivated after six months and withdrew a significant 1.48 million UNI tokens worth $10.4 million from Coinbase Prime, as reported by the on-chain analytic firm Spotonchain.

Uniswap Price Prediction for August 2024

According to expert technical analysis, Uniswap (UNI) looks bullish after breaking out of a crucial descending trendline and a strong resistance level at $6.75. However, there is a high possibility that UNI may experience price correction before witnessing a significant upside rally.

Based on the historical price momentum, UNI could soar 25% to $9 and $12 levels in the coming days. However, it would not be so easy as during the upside momentum UNI may face resistance near $7.5 and $9 levels.

Uniswap Whale Holding

According to the post on X (previously Twitter), with the recent UNI withdrawal, the whale now holds a significant over 3.91 million UNI tokens worth $27.2 million. This is the second time, the whale has withdrawn massive UNI tokens.

A likely investor’s wallet just reactivated after 6 months and withdrew 1.48M $UNI ($10.4M) from #Coinbase Prime ~2hrs ago.
Now, this wallet holds 3.91M $UNI ($27.2M), with:
• 3M $UNI withdrawn from Coinbase at ~$6.89 ($20.6M) in Feb and Aug 2024;
• 911K $UNI unlocked from… pic.twitter.com/o0kuNmNuzg
— Spot On Chain (@spotonchain) August 22, 2024

Initially, in February 2024, the whale withdrew over 1.52 million UNI tokens at an average price of $6.82 level. Additionally, this whale received over 911K UNI tokens from the Uniswap treasury, in February 2024, when UNI was trading at the $7.74 level.

Is This a Perfect Time to Buy UNI?

However, the recent withdrawal might be flashing a perfect buying opportunity for investors and traders in the long run. In March of this year, UNI reached its highest point at $17.05 level, while the current price indicates that it is at a discounted price.

Uniswap Price Analysis

At press time, UNI is trading near $6.93 and has experienced a price surge of over 8% in the last 24 hours. Meanwhile, its trading volume has increased by 101% during the same period, indicating higher participation from traders amid the recent breakout.

Additionally, UNI’s open interest has risen by 15% in the last 24 hours, indicating growing interest from investors following the breakout.

Source: https://coinpedia.org/price-analysis/uniswap-price-prediction-whale-adds-10-4-million-of-uni/