Uniswap’s UNI Token Faces a Market Squeeze – Will the Bears Rule Again?

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Key Takeaways

Can UNI’s upward journey continue?

Possibly, though the absence of demand and on-chain accumulation might be the canary in the coal mine, signaling weakness among the buyers.

What can investors expect next?

The $8-$8.6 resistance zone? Oh, that’s going to be a tough cookie to crack. And for underwater holders, exiting at break-even could just fuel the selling fire.

On Monday, 17 November, Lookonchain dropped a juicy tidbit-one wallet linked to Amber Group had grabbed 1.41 million Uniswap [UNI] tokens. But wait, there’s more: 1.39 million of those tokens were funneled to Coinbase Prime. Must be for safekeeping or something, right?

Talk about accumulating with style. Earlier this month, UNI embarked on a dazzling rally from $4.73 to $10.3, breaking through the $8.6 resistance like a hot knife through butter. The market structure on the 1-day chart? Bullish-of course, until you look closer.

But then, last week, AMBCrypto hinted at a possible price dip to $6.86, and-voilà!-it happened. Yet, after bouncing by 8.9% over the last four days, the $8 mark has stubbornly become the new resistance.

At the time of writing, on-chain metrics are showing potential for more gains, but here’s the catch: the selling pressure is still lurking in the shadows, ready to pounce.

Bulls, Brace Yourselves

November 11 saw Uniswap at a seductive $10, but then, bam! The mean coin age took a nosedive. Simultaneously, the age consumed metric shot up, revealing a flurry of previously dormant tokens suddenly getting active.

This is like a flashing neon sign for “selling intent.” And while some hoped the market would rebalance after a correction to $6.86, that hope was dashed when the mean coin age kept slipping lower. Nobody’s buying the bull story here.

And, in case you were wondering, the MVRV ratio took a dive into the negative, meaning, oh yes, most holders are currently sitting on losses.

With this lack of confidence and a majority of holders drowning in red, any price bounce is likely to be met with a flood of sellers trying to break even. Charming, isn’t it?

Finally, the exchange netflow metric agreed with AMBCrypto’s bearish assessment, showing high inflows on 10-11 November. Translation: More sell pressure, folks.

But hold up, there’s a twist! The 10k-1M UNI holding wallets have been growing steadily over the last couple of months. Sure, not all whale wallets are in accumulation mode, but the fact that some are indicates a flicker of interest that could be worth watching.

Despite the generally bullish daily structure, the OBV is plunging like a rock. It made a lower low during the retracement, confirming that sell pressure is very much alive.

Unless organic demand shows up in a big way, bulls are going to have a hard time pushing past that pesky $8-$8.6 resistance zone.

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2025-11-18 08:12