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  • UNI is among the most prominent market movers on Monday, swinging 30% to new all-time highs around $13.05.
  • The IOMAP shows an upturn in the number of new addresses, likely to keep the uptrend intact.

Uniswap price went ballistic the entire weekend session, trading record high after record high. The leading decentralized finance (DeFi) token is still up a whopping 31% to exchange hands at $12.83. On the upside, a record new high has been achieved at $13.05, but the prevailing price action suggests that this will not be the local top.

Uniswap bulls remain relentless in price discovery

The least resistance path is upwards, according to the short-term analysis on the 4-hour chart. Uniswap’s uptrend is supported by the Moving Average Convergence Divergence or MACD. In addition to the indicator being in the positive territory, the 12-day Moving Average already crossed above the 26-day moving average, which added credibility to the bullish outlook.

Similarly, UNI is trading above all the three applied moving averages, including the 50 SMA, 100 SMA, and 200 SMA. The widening gap made by the 50 SMA above the other moving averages reinforced the bulls’ influence. Uniswap will likely close the day above $13, and as buyers focus on pushing the price to $15.

UNI/USD 4-hour chart

UNI/USD 4-hour chart

Several on-chain metrics have aligned in support of the ongoing uptrend. For instance, IntoTheBlock’s “Daily New Addresses” metric brings to light an improving network growth. The number of newly-created addresses on the network soared from nearly 1,500 on January 22 to roughly 2,800 on January 24. Note that this metric has grown consistently from 925 addresses per day on December 25.

An increasing network growth a big bullish sign for the token’s future. Moreover, it shows that that project’s adoption is on track.

UNISWAP network growth

Uniswap network growth

Additionally, whales are still on a buying spree, as confirmed by Santiment’s holder distribution model. The addresses holding between 1 million and 10 million UNI have surged from 56 to 62 in the last 30 days, representing a 9.6% increase.

At first, the increase may seem insignificant, but the tailwind created behind Uniswap can only be comprehended by the large volume of tokens moved by the whales. Thus, if the buying action continues, UNI may even overshoot $15.

Uniswap holder distribution

Uniswap holder distribution

On the other hand, it is worth mentioning that the uptrend to $15 will fail to materialize if Uniswap fails to close the day above $13. Overhead pressure is likely to increase as sellers swing into action, perhaps for revenge. Support is envisaged at $10, the 50 SMA and the 100 SMA on the 4-hour chart.