Uniswap's native token, UNI, has recently demonstrated significant bullish activity characterized by a notable bounce from $5.80 to $6.30, triggered by a large whale purchase of over 400,000 tokens on Binance. This accumulation signals renewed confidence among major investors viewing present prices as attractive entry points. Concurrently, the futures market reveals a strong bullish bias, with over 78% of contracts held long, indicating market participants predominantly expect price appreciation.
Technical activity earlier saw UNI attempt breaking out of a parallel channel to reach a local high near $7.60, though the token encountered rejection which led to a pullback. Instead of panic, this decline has set up fresh buying opportunities evidenced by a positive imbalance in spot volumes, with buyers acquiring over 3 million UNI tokens. The continuous positive funding rates confirm that investors are betting on price increases.
Despite momentary breakdowns below the $6.00 support during high-volume selling spikes, UNI rapidly recovered to $6.18, supported by strong dip-buying interest and an intact ascending channel pattern. Sources highlight that if demand persists, UNI may retest resistance levels near $7.08 and $7.60. However, market direction over the next few sessions will be critical to confirm whether the movement signifies a sustained trend reversal or merely a short-term relief bounce.