Uniswap’s UNI token has come under sustained selling pressure, according to crypto analyst Darkfost, who said exchange inflows recently climbed to their highest level this year. The analyst noted that UNI had previously rallied about 370% from its June low, while Uniswap’s total value locked rose past $4 billion in September, marking a yearly high. During the same month, decentralized exchange volume reached a peak of $93.6 billion. Even so, stronger fundamentals did not prevent the token from pulling back.
Data cited by Darkfost showed that UNI transfers into Binance repeatedly reached yearly highs in late September. Those inflows remain active, although their growth appears to be slowing. Darkfost said that if the scale of UNI moving onto trading platforms continues to decline, the token could gradually form a bottom and ease the selling pressure that has built up since its recent high of $10.9. At the time referenced in the analysis, UNI was down more than 30% from that level.
Uniswap’s UNI token has been facing sustained selling pressure, crypto analyst Darkfost said on Oct. 17, with exchange inflows climbing to their highest level of the year.
Since its June low, UNI had at one point risen about 370%. In September, Uniswap’s total value locked, or TVL, moved above $4 billion, setting a new high for the year, while decentralized exchange volume reached a peak of $93.6 billion. That improvement in fundamentals, however, did not stop the recent price pullback.
According to the data cited in the analysis, UNI inflows into Binance repeatedly hit yearly highs in late September. Those inflows are still active, though the pace of growth appears to be easing.
Darkfost said that if UNI inflows to trading platforms continue to decline, the token could gradually form a bottom and reduce the selling pressure that has taken shape since its recent high of $10.9. UNI is now down more than 30% from that peak.
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