Uniswap (UNI) has slipped back below $7 after briefly recovering above it this week, trading at $6.98 according to BeInCrypto Markets data. The token now sits just under a level analysts have identified as critical support, even as on-chain metrics reach multi-year highs.
New UNI addresses hit 6-year highs, with 13,137 new addresses appearing in a single day—the most since September 2020, according to Santiment data. Daily active addresses also climbed to 14,591, marking a one-year high. Santiment attributed the surge to recent upgrades, including Aggregator Hooks launched on October 22, and Unichain's transition to OP Enterprise.
However, analysts urge caution in interpreting the spike. Santiment noted that its active address metric counts wallets that sent or received the UNI token itself, meaning the increase could include exchange transfers and wallet reshuffles alongside new holders.
What the Numbers Mean for UNI
Santiment identified $7 as the level to hold, with $7.50 as early proof of stronger momentum. Holding $7 while activity remains elevated would keep $8 within reach. Conversely, losing $7 as activity collapses would point to a short-lived spike.
Analyst DonWedge noted that UNI broke out of a falling wedge in June and ran from $2.60 to $10.90. He identified $5 to $6.60 as long-term support, reclaimed in September after being lost in January. Holding that zone would keep his $18 target alive, while a weekly close below $5 would void the setup.
The coming days of daily active address readings will reveal whether the new wallets continue to transact or whether the spike proves temporary.
