The cryptocurrency market records dampened volatility during Tuesday’s U.S. market session as BTC remains sideways at $95,000. The consolidation has stalled recovery momentum in most major altcoins, including UNI. However, a potential for prolonged downfall looms over Uniswap price amid institutional selling.
According to Coingecko, the UNI price trades at $14.16 with an intraday gain of 1.07%. Meanwhile, the asset’s market cap holds at $8.4 Billion, and the 24-hour trading volume is at $1.35 Billion.
Key Highlights:
- A cup and handle drive a current recovery trend in Uniswap price.
- The $17 stands as the next stands as next key resistance for crypto buyers
- Variant Fund transfer of 1.23 Million UNI tokens to exchange could lead to market selling
Variant Fund’s UNI Transfers Signal Bearish Outlook for Uniswap Price
According to EmberCN, Variant Fund, a prominent crypto venture capital firm, transferred 1.2322 million UNI tokens (valued at $17.14 million) to Coinbase Prime in a single transaction.
Over the past 26 days, the firm has cumulatively moved 3.6966 million UNI tokens worth $44.57 million, averaging a transfer price of $12.05 per token.
Variant has been a key investment institution in Uniswap, initially receiving an allocation of 1.6 million UNI in September 2020. The firm also strategically withdrew 774,000 UNI tokens from FTX in May 2022, securing them at a favorable price of $5.65 per token.
又一波 UNI 机构筹码的换手：加密风投 @variantfund 在 10 小时前将 123.22 万枚 $UNI ($17.14M) 转进了 Coinbase Prime。
他们在最近 26 天里一共向 Coinbase Prime 转移了 369.66 万枚的 $UNI ($44.57M)，转移均价 $12.05。Variant 是 Uniswap 的投资机构之一，他们在 2020/9 获得 160 万枚 UNI… pic.twitter.com/11v4DYTEPv
— 余烬 (@EmberCN) December 3, 2024
A large volume transfer to exchanges could lead to offloading the asset in the open market, potentially driving downward pressure on the UNI token. This transaction also hints institutional belief that Uniwap price may struggle to drive a sustained uptrend ahead.
Cup and Handle Pattern Signals UNI’S Next Bullish Move to $30
Since last month, the Uniswap price recorded a massive rally from $6.6 to 14.4, accounting for a 118% surge. A notable spike in trading volume hints at sustained recovery that could be another 18% jump to challenge the $17 resistance.
The aforementioned level is the neckline for the bullish reversal pattern calling cup and handle. The chart setup resembles a teacup, projecting a long accumulation trend before a major breakout.
A potential breakout will signal the end of the 35-month accumulation trend and drive UNI price rally to $30.
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