Uniswap Rally Could Be In Jeopardy, Despite UNI’s Solid Social Engagement

Uniswap, (UNI), started in 2022 with a bearish move along with Ripple. However, it has seen some remarkable price action over the last few weeks.

  • UNI’s social engagement up by 53.62%
  • Since September 12, the supply of wallet addresses with unique identities has risen by a lot
  • UNI prices looking bullish, up by 4.15%

Based on CoinMarketCap, UNI’s price has been looking bullish and spiked by 4.15% or trading at $6.77 as of this writing.

UNI Displays Incredible Social Dominance

UNI is outperforming all other cryptocurrencies in terms of its social metrics. UNI’s social engagements have spiked by 53.62% while social mention has grown by 62.15%.

Uniswap’s social media presence has increased in the past few weeks. They also have a better record of developing activities.

In addition, Uniswap’s weighted sentiment is positive as shown from September 28 to September 30. However, October 1 saw a dramatic drop in weighted feeling.

It is encouraging to note that UNI development activity has grown quickly since September 29, and it has been relatively consistent since then.

The impressive uptick in terms of development activity is said to be triggered mainly by the network’s Swap widget update.

Chart by Santiment

These constant improvements and upgrades could be indicating a bullish trend and attracting more investors.

Despite the recent UNI updates however, its TVL has not improved as it is still at the same level it was in September. The thing is, even if the whales were dubious of Uniswap’s DeFi protocols, users are gaining more interest in UNI.

Meanwhile, the top wallet addresses were also seen to surge in terms of supply since September 12, especially since whale interest is very important for the token’s progress.

Uniswap Speed Down in 7 Days

On the downside, UNI’s velocity is seen to drop in the past couple of days implying a reduced number of wallet addresses.

The UNI Price has fallen in recent weeks because of the global inflation turmoil, however it appears to be recovering a little.

It is expected that it will get worse, as many crypto analysts have predicted. The coin’s value has fallen by 72.56% in the last year.

UNI’s moving averages witnessed a bearish movement specifically at its 100-day EMA and SMA saw at $5.62 and $5.66; respectively.

Its RSI currently stands at 43.66, which indicates a rise in sell activity and could mean that investors might lose more over the next few days.

Uniswap analysts are generally not happy with the company’s lack of utility.

UNI market capital at $5.17 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com

Featured Image from Cryptopolitan. Chart: TradingView.com

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