Bitcoin dominance is spiking up while the BTC price trades consistently above $34,000. This can be considered a bullish signal, as the bulls appear to be in a gaining position. Besides, market sentiments have surged sharply beyond 70 as investors turn greedy. In the meantime, some of the altcoins have exploded, while others are closer to triggering a fine bull run.
In recent times, Chainlink has displayed an unremarkable jump by breaking above the multi-year resistance level. Uniswap, a popular altcoin, has traded below $9.5 ever since the beginning of 2022, while levels around $4 have formed a strong support level. Therefore, there are huge possibilities of a breakout loom, as more than 87% of the holders are about to wake up after a long time.
As per the data from intotheblock shared by a renowned analyst, Ali, 87.5% of UNI holders are positioned at ‘Out of the Money’. This suggests the price is closer to triggering a breakout, as the selling pressure appears to have been exhausted to a large extent. Moreover, the number of UNI transactions is also slowly rising, indicating a rise in the trader’s activity with respect to Uniswap.
The above chart displays the number of large transactions, which has displayed huge variation in the past few days. As per the analyst, it signals a spike in institutional players as the whales appear to be interested at around the current price levels. Therefore, there are a lot of possibilities that they position themselves well before the UNI price triggers a breakout. So when will the UNI price undergo a price rise?
As mentioned above, the UNI price has been trading above the crucial support zone at $4, and to trigger a rise, it needs to break two major barriers.
The major wall is at $4.23 where 7000 addresses have bought 14.24 million UNI and the other one is at $4.45 with nearly 2000 addresses holding 10.28 million tokens. Once these barriers are cleared, a significant upswing could be triggered, lifting the UNI price above $5 initially. However, rising above $9.5 may begin a fresh bullish trend for the token in the coming days.