Uniswap [UNI] faced a 10.80% decline in Open Interest in the past 24 hours as prices slid 7% and daily trading volume ramped up by 36% as of writing. The increased selling pressure was a result of market-wide fear and also UNI-specific whale selling.
Lookonchain reported that a whale wallet had sold 1 million UNI tokens, worth $7.32 million, over the past two days. The wallet had received 20.39 million from the Uniswap Timelock wallet over a year ago, the analytics platform added.
Uniswap losses symptomatic of a fearful market
Such whale selling accompanied a generally pessimistic short-term outlook the altcoin market has suffered in recent weeks. The altcoin market cap has shrunk by $173.74 billion, or 14.78%, over the past month.
Bitcoin’s [BTC] retracement from $87k also underlined the bearish crypto market expectations.
Crypto analyst Darkfost noted that spot selling was dominant on leading exchanges Binance and Coinbase. Midterm election results contributed to the selling, with BTC falling 5.5% on the 5th of November, when the S&P 500 and the Nasdaq shed 4.3% and 6.3%, respectively.
The 30-day spot net volume delta was at -$28 million on Binance, compared to $64.3 million at the end of August. If the $75k level fails for BTC, another 6.5% price decline to $70k was possible.
Could wider market fear undo UNI bulls’ efforts?
The weekly bias was bearish for now, though the swing structure was bullish. This was because, following the sweep of the $10.30 high from November 2025, UNI was forced to retrace.
The healthy reset might not be over yet. The $7.83 local high has been challenged but not overcome over the past month, indicating that a move towards $5.80 remained possible.
In the coming days, traders also need to watch the range formation between $6.47 and $7.78. This range has been in place for nearly a month. At the time of writing, the mid-range level at $7.13 was the local resistance to watch.
The $6.96-$7.37 area represented a local imbalance that is also expected to serve as a supply zone.
Overall, traders can maintain a bearish bias around $7.13-$7.40. A 4-hour session close above $7.8, and a weekly session close above the same level, would be a good sign for buyers that bullish momentum was back in the Uniswap market.
Final Summary
- Uniswap has a bullish weekly swing structure but might be forced to face further losses amid unfavorable market conditions.
- The $7.13 and $7.80 resistances were key pivot levels to watch to gauge bullish strength. A drop below $6.45 would signal bearish dominance.