Uniswap sees $12M withdrawals, UNI remains bearish despite outflows, supports at $6.844

These significant movements involved recent transfers of 263,500 UNI, valued at roughly $1.86 million, and another 234,000 UNI, valued at approximately $1.64 million. These outflows suggest a possibility of institutional accumulation, although the transfers themselves do not confirm actual purchases.

Broader exchange activity also pointed to ongoing withdrawals, supporting the narrative of potential accumulation for UNI. CoinGlass data indicated that Uniswap recorded spot net outflows of about $289.16K at the time of reporting. This negative reading implies that deposits were less than withdrawals, which could lessen immediate selling pressure on trading platforms.

This latest outflow followed a pattern of persistent withdrawals throughout the preceding week. Furthermore, the month of September saw notable spikes in inflow, with daily readings surpassing $20 million on the 18th. These figures, combined with the Galaxy Digital-linked transfers, point toward potential accumulation despite UNI's weak technical structure.

Technically, Uniswap displayed persistent selling pressure following its earlier drop from the $9 zone. Although the token was trading near $7.05 at the time, it managed to stay above the immediate $6.844 support level. However, the bulls have struggled to regain the $7.50 resistance level, keeping the broader recovery ambiguous.

Market indicators reflected caution. At the time, UNI's Relative Strength Index stood at 43.48, slightly exceeding its Moving Average of 43.42. Nevertheless, remaining below 50, this suggested only modest buying strength. The Directional Movement Index (DMI) reinforced a bearish view, showing the negative directional indicator at 23.3160 against a positive directional indicator of 13.6075.

The ADX strength signal registered at 29.3116, suggesting a relatively strong prevailing trend. Should the $6.844 support break, the asset could face exposure down to $6.00. Conversely, reclaiming the $7.50 resistance would bolster attempts toward higher valuations.

The 24-hour Binance Liquidation Heatmap revealed substantial liquidity bands on both sides of Uniswap. Upside liquidity was considerable around $7.20–$7.30, particularly near $7.30. Downside concentration was visible around $6.85–$6.90, with another cluster near $6.80. The heatmap showed more liquidity beneath the current market price than overhead.

These developments indicate that while institutional withdrawals favor accumulation, bearish technical indicators continue to jeopardize UNI's recovery trajectory. The asset's ability to strongly defend the $6.844 support and recapture the $7.50 resistance will determine whether further declines toward $6.00 are avoided.

These on-chain movements and technical readings provide insight into how large market participants are interacting with the asset's price action, reflecting underlying dynamics within the DeFi ecosystem.

Why it matters

The contrast between institutional accumulation signals and bearish technical indicators highlights the current uncertainty in Uniswap's market trajectory. For DeFi participants, this suggests that despite potential large-scale accumulation, the protocol faces significant downward pressure if key support levels are breached. Watching the defense of the $6.844 support is crucial for assessing near-term stability.