Uniswap aims for a rally following positive on-chain data
- Uniswap Exchange Flow Balance shows a negative spike, signaling a bullish price move.
- Supply Distribution reveals that one cohort of whales seized the opportunity and bought UNI dips.
- UNI's Development Activity is rising, and Supply on Exchange is decreasing, suggesting a bullish outlook.
- Investors should be cautious about decreasing Active Addresses.
DeFi token Uniswap (UNI) is trading at $7.15 on Thursday, with the Uniswap Exchange Flow Balance showing a negative spike that suggests a bullish price move. The Supply Distribution reveals that a cohort of whales has capitalized on the dip to buy UNI, and with rising Development Activity and decreasing Supply on Exchanges, the outlook for UNI remains bullish.
Uniswap sees whales buying dips amid decreasing supply on exchanges
Santiment's Exchange Flow balance for UNI shows the net movement of tokens into and out of exchange wallets. A positive value indicates more UNI tokens entered than exited, suggesting selling pressure from investors. Conversely, a negative value indicates more UNI left the exchange than entered, indicating less selling pressure from investors.
In UNI's case, the Exchange Flow balance has slumped from -76,261 to -1.57 million from July 30 to July 31. This negative spike indicates increased buying activity and decreasing selling pressure among investors.
During this event, the UNI Supply on Exchanges declined by 2.3% in one day. This is a bullish development, which further denotes investor confidence in Uniswap.
 [17.13.23, 01 Aug, 2024]-638581208598533523.png)
UNI Exchange Flow Balance and Supply on Exchanges chart
Santiment's Supply Distribution metric shows that whales with 1 million to 10 million UNI tokens dropped from 354.44 million to 344.48 million from July 30 to July 31. Meanwhile, wallets holding 10 million to 100 million UNI surged from 115.28 million to 125.3 million in the same period.
This interesting development shows that the first cohort of whales could have fallen prey to the capitulation event while the second set of wallets seized the opportunity and accumulated UNI at a discount.
 [19.00.23, 01 Aug, 2024]-638581207441733382.png)
UNI Supply Distribution chart
Moreover, the Santiment's Development Activity Index shows project development activity over time based on several pure development-related events in the project's public GitHub repository.
In UNI's case, the index sharply rose from 97 on July 28 to 109 on August 1. This trend has been rising since July 13 and implies that the Uniswap developing activity is high, which adds further credence to the bullish outlook.
 [17.23.20, 01 Aug, 2024]-638581208062612818.png)
UNI Development Activity chart
Despite UNI whales buying amid the recent price dip, increased development activity, and a decreasing supply on exchanges, Uniswap's Active Addresses have remained low, indicating that investors should not expect an immediate price rally for the token.
 [18.18.40, 01 Aug, 2024]-638581205795532643.png)
UNI Active Addresses chart
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