Uniswap: $2.29mln whale bet at multi-month lows – Is UNI’s $4.92 next?

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In the grand theater of the financial markets, where fortunes are made and lost faster than one can say “bull market,” Uniswap’s UNI token found itself in quite the predicament, trading languidly near a support level that seemed to have been forgotten by time-around $3.13. Here we witness a whale, that magnificent creature of the deep, indulging in a rather sumptuous feast, devouring 640,000 UNI for the princely sum of $2.29 million, straight from the bountiful waters of OKX.

As the clock strikes the present hour, our dear UNI hovers precariously at $3.54, just above the fraying demand zone that had once sparked declarations of hope and sharp rebounds, only to be met with the cruel hand of reality.

This purchase occurred not amidst the jubilant cries of a robust market but rather during a period of compression near structural support-a delicate dance of uncertainty. It was as if the sellers had tried to push the price down but failed spectacularly, leaving behind a lingering scent of desperation.

Ah, but let us not be fooled; repeated tests of support often weaken its resolve. Our buyers now face a daunting task: they must prove their allegiance to this cause, rather than merely engaging in a fleeting defense.

The Relentless Grip of Resistance

Despite a slight stabilization, Uniswap [UNI] remains ensnared within a broader downtrend, a veritable prison of market sentiment that has repelled prior rallies with alarming efficiency. The charts tell a tale of woe, with $4.92 now serving as a former support turned cruel mistress of resistance, and the ominous $6.60 looming above like a specter from the past, marking a ceiling tied to prior distributions.

Each rally since the fateful breakdown has stalled beneath these oppressive levels, reinforcing a bearish narrative that would make even the most optimistic bulls weep.

Yet, there remains a flicker of hope; the price clings stubbornly above $3.13. For our bulls, reclaiming $4.92 is akin to an elusive dream-an ambition that could invalidate the sequence of lower highs that plague them.

Until then, alas, the sellers retain their iron grip on the structural control of this market.

In a curious twist of fate, the Parabolic SAR has flipped below the price at $3.01, hinting at a possible short-term bullish shift. A subtle suggestion that the immediate downside momentum may have, rather unexpectedly, begun to wane.

Price holds above the SAR level and recent swing lows, hinting at a fragile stabilization. Meanwhile, the MACD reveals a contraction of the histogram, as the MACD line bends toward the signal line, albeit remaining in the negative territory-a bittersweet reminder of fading bearish pressure.

However, let us remember, exhaustion does not herald a reversal. Buyers must extend their gains toward $4.92 to confirm any semblance of expansion.

Until that day arrives, any shift in momentum remains merely tactical, rather than structural.

Reserves Dwindle, Spot Narrative Strengthens

Behold! The Exchange Reserve USD now stands at $307.95 million, having declined by a modest 3.07%. Such a decline reflects a measurable contraction in liquidity on the exchanges. When reserves plummet alongside large Spot withdrawals, the circulating supply available for immediate selling diminishes, akin to a magician making his rabbit disappear.

The whale’s grand purchase of 640,000 UNI contributes to this tightening effect-a symphony of scarcity, if you will. Reduced exchange balances often amplify price reactions when demand accelerates, transforming the mundane into the extraordinary.

Yet, let us not be naive; shrinking reserves alone cannot conjure momentum. Sustained buying pressure is essential. In this instance, Spot absorption aligns harmoniously with technical support, creating a backdrop that is, dare I say, constructive.

If additional participants join this dance of accumulation, supply constraints might just magnify upside reactions. However, without a broader engagement, the effect remains limited, like a joke that falls flat in a room full of serious faces.

Open Interest Declines, Leverage Takes a Breather

Open Interest has taken a slight dip of 3.46%, now resting comfortably at $243.56 million. This signals that traders are pulling back on their leveraged exposure, exhibiting a sense of caution rather than embarking on aggressive positioning.

When Open Interest declines during a period of price stabilization, we often witness a reset phase in the market-like a collective sigh of relief. Lower leverage reduces the risk of liquidation cascades, paving the way for cleaner directional moves in the future.

At this moment, our dear derivatives traders are neither igniting an upside breakout nor accelerating downside pressure. Instead, participation resembles a timid cat peering around the corner-cautious and restrained.

If Spot demand increases while leverage remains light, price could respond more efficiently. Conversely, without renewed participation, UNI may find itself stuck in a waltz of consolidation near support, a dance that many have come to know all too well.

UNI valiantly holds the line at $3.13, as whale absorption and reserve contraction tighten the supply. Yet, the price remains shackled beneath the oppressive resistance of $4.92 and $6.60.

The Parabolic SAR reflects a mere short-term stabilization, not a confirmed reversal. The MACD hints at fading downside pressure, but a decisive crossover eludes us like a mirage in the desert.

The contraction of Open Interest underscores a cautious atmosphere in the derivatives realm.

If our bulls manage to reclaim $4.92 with rising volume and Open Interest, perhaps the structure could improve. Until then, accumulation may merely represent positioning within a broader downtrend, a tale as old as time.

Final Summary

  • A whale bought 640,000 UNI near $3.13 support as reserves fell.
  • Uniswap stays below $4.92 resistance while Open Interest sits near $243 million.

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2026-02-17 03:24