Uniswap [UNI] saw its Open Interest decline by 10.80% in the past 24 hours, while prices fell 7% and daily trading volume increased by 36%, according to AMBCrypto. The increased selling pressure stemmed from market-wide fear and UNI-specific whale selling.
Whale Activity
Lookonchain reported that a whale wallet sold 1 million UNI tokens, worth $7.32 million, over the past two days. The wallet had received 20.39 million UNI from the Uniswap Timelock wallet over a year ago, the analytics platform added.
Market Context
The whale selling accompanied a generally pessimistic short-term outlook for the altcoin market in recent weeks. The altcoin market cap has shrunk by $173.74 billion, or 14.78%, over the past month. Bitcoin’s [BTC] retracement from $87k also underlined bearish crypto market expectations.
Crypto analyst Darkfost noted that spot selling was dominant on leading exchanges Binance and Coinbase. Midterm election results contributed to the selling, with BTC falling 5.5% on the 5th of November, when the S&P 500 and the Nasdaq shed 4.3% and 6.3%, respectively. The 30-day spot net volume delta was at -$28 million on Binance, compared to $64.3 million at the end of August. If the $75k level fails for BTC, another 6.5% price decline to $70k was possible.
Technical Levels
The weekly bias was bearish for now, though the swing structure was bullish. This was because, following the sweep of the $10.30 high from November 2025, UNI was forced to retrace. The healthy reset might not be over yet. The $7.83 local high has been challenged but not overcome over the past month, indicating that a move towards $5.80 remained possible.
In the coming days, traders also need to watch the range formation between $6.47 and $7.78. This range has been in place for nearly a month. At the time of writing, the mid-range level at $7.13 was the local resistance to watch. The $6.96-$7.37 area represented a local imbalance that is also expected to serve as a supply zone.
Overall, traders can maintain a bearish bias around $7.13-$7.40. A 4-hour session close above $7.8, and a weekly session close above the same level, would be a good sign for buyers that bullish momentum was back in the Uniswap market.
Summary
Uniswap has a bullish weekly swing structure but might be forced to face further losses amid unfavorable market conditions. The $7.13 and $7.80 resistances were key pivot levels to watch to gauge bullish strength. A drop below $6.45 would signal bearish dominance.
