Uniswap Sees Biggest Wallet Surge in 4 Years. Will UNI Rally?

Uniswap (UNI) has lost 25.75% of its value over the past month, sliding to $6.93. On-chain data, however, shows new users arriving at the fastest pace since November 2022. Santiment counted 2,295 new UNI wallets in a single day. The firm said that influx could firm up a price base, provided wallet creation stays elevated. Uniswaps v4 Push Pulls In Fresh Wallets Santiments network growth metric counts addresses interacting with UNI for the first time. The firm said a four-year high signals a large influx of new participants. UNI Network Growth Hitting its Highest Level Since November 2022. Santiment credited new Uniswap v4 features, wider liquidity routing, and ongoing work on Unichain, Uniswaps layer-2 network. DefiLlama data shows Uniswap v4 now holds about $1.44 billion in total value locked (TVL). That marks a roughly 17% rise over the past month. So far, however, the activity has not stopped the tokens decline. UNI is down 3.82% over the past 24 hours, adding to its monthly losses, per BeInCrypto Markets data Uniswap Price Performance Over the Past Month. Source: BeInCrypto Markets Analyst Phoenix traced the decline to seller pressure after UNI tested the $10 mark. He noted the price has since dropped below the Ichimoku cloud and its moving averages on shrinking volume. Phoenix warned that a full breakdown of $7 could send UNI toward $6 to $6.50. The token now sits just under that line at $6.93. Santiment framed the same level in terms of user demand. Holding $7 while network growth remains above its recent baseline would favor another test of $8, while losing $7 alongside fading wallet creation would suggest the spike was mostly short-term excitement rather than sustained adoption, the post read. UNI Price Outlook Winning back those losses starts with a move above $7. Santiment named $7.50 as the first meaningful level to reclaim, followed by $8. On October 21, when UNI traded above $7, analyst Scient flagged bullish four-hour divergences. He floated a possible squeeze similar to Zcashs (ZEC). Analyst Defi Rocketeer finds the $7 area more interesting than the rally near $11. He expects a $10 to $12 retest if the broader market stabilizes. Analyst CryptoBullet places major resistance further up, at $13 to $15. For holders, the next signals to watch are Santiments network growth readings and whether UNI can close above $7. A recovery in both would bring Santiments $8 test back into play. Subscribe to our YouTube channel to watch leaders and journalists provide expert insights Read the article at BeInCrypto