Uniswap V4: Whales accumulate in anticipation of bull run
- Uniswap V4 has been announced with some new features.
- UNI whales have started accumulating, boosting the likelihood of a bullish outcome.
On 1 September, Uniswap [UNI] revealed that Uniswap V4 was in the works, and will be released soon. It has been over two years since Uniswap V3 rolled out, and it has been quite successful, with its trading volume crossing the $1.5 trillion mark.
2/ Wen v4? You asked, & we answered ?
Uniswap v4, coming after the Dencun upgrade, will open up possibilities for how liquidity is created & tokens are traded onchain ⛓️
It’s been inspiring connecting with developers… we’ve heard SO MANY?ideas! ?https://t.co/YBcNWFErnV
— Uniswap Labs ? (@Uniswap) September 1, 2023
Is your portfolio green? Check out the UNI Profit Calculator
According to the statement, Uniswap plans to offer even more flexibility with Uniswap V4, with features like programmable liquidity. The network also announced that it will introduce plugins called hooks.
These will facilitate more customizations in the way fees, swaps and LP positions interact.
UNI’s price analysis
Despite the news of Uniswap V4’s release, UNI’s price action lacked excitement at press time and has been on a bearish trajectory since the start of August. However, its latest downside just pushed it back into oversold territory.
UNI exchanged hands at $4.36 at press time, but will these findings trigger a bullish resurgence now that it is oversold? Well, there is a chance that it might extend its downside to or below the $4 mark.
This is an important level because it previously highlighted a support and accumulation zone. The price bounced back to the same zone in June, followed by a 50%+ rally.
One might expect that bullish momentum will start building up based on the above observation. This is evident in UNI’s weighted sentiment metric, which recently peaked at a new monthly high at the end of August.
Read Uniswap’s [UNI] Price Prediction 2023-24
This confirmed that traders anticipated a bullish outcome. Perhaps the biggest sign that the bulls might take over is the recent whale activity.
Notably, top exchange whales have been accumulating UNI in the last two weeks. The amount held by top whales in general grew slightly from its monthly low to its press level.