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Recent on-chain data from Santiment is reigniting debate around Uniswap (UNI), as price action remains weak while large holders steadily increase their exposure. According to the chart, the top 100 UNI wallets have been consistently accumulating tokens, even as UNI struggles to regain momentum below key resistance levels.
Historically, similar patterns have appeared at critical inflection points. The chart highlights multiple periods where whale accumulation preceded short-term price spikes, notably during July and August, when UNI reacted positively after concentrated buying by large addresses. In contrast, earlier phases of whale distribution coincided with sharp price declines, reinforcing the importance of tracking supply held by top wallets.
What makes the current situation more controversial is the clear divergence between price and accumulation. While retail sentiment appears cautious and price remains range-bound, whale-held supply has recently increased by over 22 million UNI, suggesting long-term positioning rather than short-term speculation. Despite this, the market has yet to respond meaningfully, raising questions about timing, liquidity conditions, and broader market sentiment.
This disconnect fuels two opposing narratives. Bulls argue that whales are preparing for a delayed reaction, pointing to historical precedents where price eventually followed accumulation. Bears, however, caution that accumulation alone is not enough, especially if demand from the broader market remains weak or macro conditions deteriorate.
From a structural perspective, UNI remains under pressure, but the on-chain data suggests that smart money behavior does not fully align with current price action. Whether this represents early positioning ahead of a trend reversal or merely passive accumulation in a prolonged consolidation phase remains open to interpretation.
As always, whale activity offers clues — not guarantees. The next decisive move will likely depend on whether broader participation returns to the market.
This article is for informational purposes only and reflects a personal blog-style analysis. It is not investment advice. Readers should conduct their own research and bear full responsibility for any investment decisions.
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Uniswap (UNI) has faced a challenging period on the price chart over the past three weeks, significantly underperforming compared to the broader crypto market. While many altcoins recorded strong breakouts alongside Bitcoin’s early-January rally — with some maintaining upward momentum — UNI has largely failed to keep pace, raising concerns among market participants.
Roughly a month ago, UNI showed early signs of bullish momentum as the “UNIfication” proposal moved closer to approval. The governance vote concluded on December 25 with overwhelming support, comfortably surpassing the required quorum and reflecting strong community backing.
Despite this, a series of developments widely viewed as positive catalysts — including plans to burn 100 million UNI tokens, Uniswap Labs disabling interface fees, and the activation of fee-sharing mechanisms on supported protocols — have not translated into sustained price appreciation. Instead, UNI has continued to weaken relative to Bitcoin and the broader market, gradually eroding bullish confidence.
On-Chain Signals and Price Action: A Mixed Picture
According to a recent post by crypto analytics firm Santiment, the top 100 largest wallets on the Uniswap network have been quietly increasing their UNI holdings. Over the past eight weeks, these wallets have accumulated approximately 12.41 million UNI tokens.
Historically, such whale accumulation has often preceded periods of price recovery, suggesting that larger players may be positioning ahead of a potential market reaction. However, current on-chain metrics indicate that this accumulation has not yet been strong enough to shift overall market structure.
The 180-day “mean coin age” metric has declined sharply over the past three weeks, signaling increased token movement rather than long-term holding. At the same time, “dormant coin circulation” spiked on December 26, indicating that previously inactive tokens have re-entered circulation. Notably, mean coin age has yet to recover, suggesting that broader network-wide accumulation remains weak.
While the 180-day MVRV ratio remains deeply negative — typically interpreted as a sign of undervaluation — short-term MVRV has recently flipped into positive territory. This shift implies rising profit-taking risk among short-term holders, adding further pressure to price action.
Technical Outlook: Bears Still in Control
Following the post-UNIfication news, demand quickly faded, pushing UNI back below the $6 level. On the daily timeframe, price structure continues to favor the downside. The failure to sustain December’s breakout above $6, combined with signals from the Accumulation/Distribution (A/D) indicator, suggests that buying interest remains sporadic and lacks conviction.
Currently, UNI is trading below both its 20-day and 50-day moving averages, reinforcing the prevailing bearish bias. A decisive breakdown below the $4.73 support zone would further validate the downtrend and may invalidate accumulation-based expectations tied to whale behavior.
In this context, more cautious investors may prefer to wait for clearer signs of strength and sustained demand before reassessing UNI’s outlook.
This article is for informational purposes only and reflects personal market observations. It is not financial advice. Always conduct your own research before making any investment decisions.
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