Time To Sell Uniswap? Whale Dumps $40 Million Worth UNI
Today, on March 5, 2025, the price of UNISWAP (UNI) increased by 8%. However, it seems bearish and is expected to decrease, which may be due to the crypto whale dumping Uni tokens.
Whale dump worth $40.6 million
Today, blockchain-based transaction tracker Lookonchain has released a famous crypto whale on X (formerly Twitter), Galaxy Digital, which deposited 600,000 Uni tokens worth $4.37 million to $600,000 to binance (the world’s largest cryptocurrency exchange).
However, the concern that focuses on price declines is that Galaxy has already stored 5.29 million Uni tokens on Binance and OKX over the past week, worth $400.6 million.
Current price motivation
With all this, the asset trades close to $7.37, up 8% in the past 24 hours. However, during the same period, its trading volume fell by 35%, with traders and investors lower participation rates compared to the previous day. This decline may be caused by selling and continuous price volatility.
UNISWAP (UNI) price action and upcoming levels
According to expert technical analysis, Uni appears to be bearish as it is already below the critical support level of $8. With the recent fluctuations in prices, it has retested this level and seems to be consolidating. According to recent price action and historical patterns, if Uni fails to climb above $8, it could drop 25% to $5.50 in the coming days.
As of now, the asset is trading below the 200 index moving average (EMA) in the daily time range, indicating a bearish trend. This technical indicator helps traders and investors determine whether the assets are in an upward or downward trend, allowing them to establish their positions accordingly, whether for a long or short term.
This continued dump at Galaxy Digital has the potential to increase sales pressure, further enhancing the bearish outlook.
