Whales Accumulate UNI Near Key Support, Bullish Breakout Imminent

Uniswap's UNI token is nearing a critical support level, with its price decline of 10% on the daily chart. The decentralized exchange token is now approaching a significant trendline support, which could potentially act as a launchpad for a rally to $10 if the bulls maintain their strength.

The crypto community is abuzz with anticipation as whale activity increases and selling pressure eases. The total number of coins transferred to exchanges has shrunk by 74.73% over the last 24 hours, indicating a decline in retail activity. However, this decline is being offset by a 44% surge in large-volume transactions, suggesting that whales are accumulating UNI near key support levels.

The rise in whale activity often precedes significant price action, as high-net-worth investors express their faith in a potential reversal. The reduction in selling pressure further adds to the optimism, creating an environment conducive for buyers to take control. All market participants are now watching UNI's trendline support, a significant level that has historically sparked price recoveries. If the altcoin holds this level, it could ignite buying activity, propelling UNI toward the psychologically significant $10 mark. However, breaking past this resistance could open the floodgates for further gains.