Uniswap (UNI) has slipped back below $7 after briefly recovering above it this week. The token now sits under the level Santiment called key, just as new UNI addresses reached a 6-year high.
UNI trades at $6.98, down 2.35% over the past 24 hours, according to BeInCrypto Markets data. Its next move may depend on whether the jump in on-chain activity turns into lasting demand.
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UNI Draws Its Biggest Wave of New Wallets Since 2020
Santiment data shows 13,137 new UNI addresses appeared in one day, the most since September 2020. Daily active addresses also climbed to 14,591, a one-year high.
Santiment tied the surge to recent upgrades, including Aggregator Hooks, which Uniswap launched on October 22. Meanwhile, Unichain, Uniswap’s layer-2 network, moves to OP Enterprise today.
The firm’s active address metric, however, counts wallets that sent or received the UNI token itself. The spike can therefore include exchange transfers and wallet reshuffles as well as new holders.
Santiment’s price levels show what each outcome would mean for UNI.
What UNI Needs to Put $8 Back in Play
The firm named $7 as the level to hold, with $7.50 as early proof of stronger momentum. Holding $7 while activity stays high would keep $8 within reach, it added.
On the other hand, losing $7 as activity collapses would point to a short-lived spike, Santiment said. At $6.98, the altcoin already trades just below that level.
Analyst DonWedge takes a longer view in an October 26 post. He said UNI broke out of a falling wedge in June and ran from $2.60 to $10.90.
He sees $5 to $6.60 as long-term support, lost in January and reclaimed in September. Holding that zone keeps his $18 target alive, while a weekly close below $5 voids the setup.
UNI now trades just above the top of that zone. Daily active address readings in the coming days should show whether the new wallets keep transacting.
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The post UNI’s 6-Year Wallet Spike May Not Mean What It Looks Like appeared first on BeInCrypto.
