Uniswap nears critical support: UNI’s $10 rebound depends on…

• UNI’s large transactions have surged by 44% over the last 24 hours, reflecting growing confidence among high-net-worth investors.
• The altcoin’s price was obeying a key trendline support that could spearhead a rally to $10 if the bulls hold strong.

Uniswap [UNI] is stumbling on the edge of a make-or-break scenario. The decentralized exchange token is rapidly closing in on a very significant trendline support level after a 10% price decline as seen on the daily chart.

With whale activity on the rise and selling pressure easing off, the crypto community is full of anticipation. Could this support level act as a launchpad for UNI to regain $10 and above?

UNI whales make moves and retail activity shrinks

The recent on-chain activity creates an interesting picture of market behavior towards UNI.

At press time, the total number of coins transferred to exchanges had shrunk by 74.73% over the last 24 hours, reflecting a dramatic decline in retail activity.

Source: CryptoQuant

However, the decline in retail transactions is slowly being whipped out by a 44% surge in large-volume transactions, a sure indication that the whales are asserting themselves to take long positions soon.

The rise in whale activity typically precedes significant price action. As high-net-worth investors accumulate UNI near key support levels, their actions reflect faith in a potential reversal.

Meanwhile, the reduction in selling pressure adds to the optimism. With fewer sellers in the market, the environment is conducive for buyers to take control.

Make-or-break moment for Uniswap

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.

Source: TradingView