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 This is the second time, the whale has withdrawn massive UNI tokens.
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.
