Reasons why Uniswap earned a spot among weekly best performers

ambcrypto.com:

Uniswap’s UNI token looked like it was going to give up last week’s gains after its bearish start this week. However, it delivered a strong mid-week bounce back, pushing it to last week’s highs by press time.

UNI peaked at $6.62 on 9 July after a healthy bullish performance. However, the bears took over during the weekend and pushed it back down.

It retraced to a low of $5.45 on 12 July before UNI pulled a recovery by more than 19%. It traded at $6.28 on 14 July, securing its position above the 50-day moving average.

Source: TradingView

The bullish reversal took place right above UNI’s 50% RSI level. Its Money Flow indicator confirmed that ample accumulation backed the upside. Well, both indicators suggested that UNI had more room for growth. But the question remains- Is there enough demand to support the bulls?

UNI’s supply held by top addresses metric reveals that whales have been selling after accumulating during May’s crash. Their balances have dropped almost back to May levels. This means they have been cashing out as the price recovers.

Source: Santiment

Despite the lower balances on top addresses, the number of active addresses holding UNI increased in the last few days. The number grew by more than 400 addresses in the last three days.

In addition, the whale transaction count metric picked up a significant uptick in whale activity. There were as many as 23 transactions worth more than $100,000 in the last 24 hours of 14 July. UNI’s upside during this period suggests that most of the whale activity might be skewed towards accumulation.

Source: Santiment

The increased whale transaction count should provide a bigger price boost than UNI’s performance in the last 24 hours of 14 July. This is because some of the whales have