Uniswap Price Faces Whale Activity Amid Increased Market Volatility

A cryptocurrency wallet with address 0x_b1 has made substantial moves with UNI tokens. According to Lookonchain, the wallet first deposited 950,000 $UNI into YieldWars nearly four years ago.

A cryptocurrency wallet with address 0x_b1 has made substantial moves with UNI tokens. According to Lookonchain, the wallet first deposited 950,000 $UNI into YieldWars nearly four years ago. Recently, the wallet withdrew the entire amount, totaling about $4.1 million.

The wallet then sold 902,500 $UNI, valued at approximately $6.14 million, through the FalconX platform. This sum was then distributed across multiple addresses. A portion of the funds was used to purchase 1,000 ETH, which was subsequently transferred to another wallet.

A wallet related to @0x_b1 sold 902,500 $UNI($6.14M) held for ~4 years through #FalconX in the past 2 days.

This wallet deposited 950K $UNI($4.1M) to #YieldWars 4 years ago and withdrew it 2 days ago.

Then transferred 902,500 $UNI($6.14M) to #FalconX through multiple… pic.twitter.com/SGlNfazy3D

— Lookonchain (@lookonchain) August 26, 2024

Such large transactions can significantly impact the market price of UNI tokens. If the tokens were sold on the open market, price volatility could result. The sale of $6.14 million in UNI could push the price downward.

Uniswap Price Analysis: Bearish Gains Control Amid Broader Market Correction

Over the past 24 hours, the Uniswap price has declined 4.01%. The altcoin has been trading between $6.40 and $6.72, indicating increased volatility in the market.

The bears have taken control after a market surge over the past few days following the broader market rebound. However, at the time of writing, the UNI price is trading at $6.43, with a slight dip during the U.S. trading session.

With the current market adjustments, the Uniswap price could pull back to a support level of $6.3 if bearish trends intensify. A more significant support level, established at $6.4, also provides further stabilization.

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