Over the past two days, Uniswap's native token UNI has exhibited significant price volatility. On May 29, UNI surged by 17%, rising from a low of $6.20 to a two-month high of $7.67. This rally was driven by strong retail and whale interest, with whale transaction volumes surging from 41 to 254 over three days. The large holders’ net inflow stood positive at 339,000 UNI tokens, indicating accumulation. Daily trading volume surged significantly, reaching $901.6 million, reflecting heightened buying activity. Technical indicators suggested a potential sustained uptrend, especially with the near completion of a golden cross on short-term moving averages.
However, on May 30, UNI faced downward pressure, declining approximately 8% from $7.119 to $6.532 amid broader bearish market conditions and investor caution. Despite this dip, Uniswap's recent protocol upgrades and sustained strategic interest from whales provided some support, preventing a more severe decline. The token price found some support near $6.40, backed by significant trading volumes, though bearish sentiment lingered as lower highs persisted.
The mixed price dynamics reflect an ongoing battle between bullish demand fueled by technical advancements and whale accumulation, and macroeconomic negative factors influencing broader crypto market sentiment. Observers note that if UNI maintains key technical levels around $7.818 and completes the golden cross, a stronger uptrend could materialize. Conversely, failure to hold support levels near $6.87 or $6.40 could trigger further retracement. Overall, market participants remain watchful of profit-taking behaviors that may cap near-term gains despite optimistic medium- to long-term prospects driven by Uniswap's innovations.