Uniswap (UNI) has lost 25.75% of its value over the past month, sliding to $6.93. On-chain data, however, shows new users arriving at the fastest pace since November 2022.
Santiment counted 2,295 new UNI wallets in a single day. The firm said that influx could firm up a price base, provided wallet creation stays elevated.
Uniswap’s v4 Push Pulls In Fresh Wallets
Santiment’s network growth metric counts addresses interacting with UNI for the first time. The firm said a four-year high signals a large influx of new participants.
Santiment credited new Uniswap v4 features, wider liquidity routing, and ongoing work on Unichain, Uniswap’s layer-2 network.
DefiLlama data shows Uniswap v4 now holds about $1.44 billion in total value locked (TVL). That marks a roughly 17% rise over the past month.
So far, however, the activity has not stopped the token’s decline. UNI is down 3.82% over the past 24 hours, adding to its monthly losses, per BeInCrypto Markets data
Analyst Phoenix traced the decline to seller pressure after UNI tested the $10 mark. He noted the price has since dropped below the Ichimoku cloud and its moving averages on shrinking volume.
Phoenix warned that a full breakdown of $7 could send UNI toward $6 to $6.50. The token now sits just under that line at $6.93.
Santiment framed the same level in terms of user demand.
“Holding $7 while network growth remains above its recent baseline would favor another test of $8, while losing $7 alongside fading wallet creation would suggest the spike was mostly short-term excitement rather than sustained adoption,” the post read.
UNI Price Outlook
Winning back those losses starts with a move above $7. Santiment named $7.50 as the first meaningful level to reclaim, followed by $8.
On October 21, when UNI traded above $7, analyst Scient flagged bullish four-hour divergences. He floated a possible squeeze similar to Zcash’s (ZEC).
Analyst Defi Rocketeer finds the $7 area more interesting than the rally near $11. He expects a $10 to $12 retest if the broader market stabilizes. Analyst CryptoBullet places major resistance further up, at $13 to $15.
For holders, the next signals to watch are Santiment’s network growth readings and whether UNI can close above $7. A recovery in both would bring Santiment’s $8 test back into play.
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The post Uniswap Sees Biggest Wallet Surge in 4 Years. Will UNI Rally? appeared first on BeInCrypto.
