UNI continued to be under pressure, falling 7.5% in the last 24 hours to $3.44. Despite the price weakness, market activity did not cool down, with daily trading volume increasing to $239.9 million, indicating that short-term funds are still concentrated in this game.

Prices approaching the $3 mark

From the daily chart, UNI is testing a support level that has been in effect since April 12th. If this level is breached, the price could fall further to around $3. If it subsequently reclaims this support level, the current bearish bias may weaken.

Derivatives sentiment shifts to bears

Derivatives data is also weakening. The weighted average funding rate for open interest in UNI has turned negative, currently at -0.0061%, indicating that positions betting on a decline are increasing in the market.

The long/short ratio also dropped to 0.7886, reflecting that short positions are dominant. Combined with the price pullback, this indicates that short-term traders remain cautious overall.

Spot market flows diverge

In the spot market, approximately $302,000 worth of UNI was transferred into exchanges in the past 24 hours. Such flows are typically seen as a signal of increasing potential selling pressure, indicating that some holders may be preparing to sell.

However, the actions of large holders on the blockchain are not entirely uniform. Nansen data shows that the top 100 addresses increased their UNI holdings by 3.41% during the same period, indicating that some large holders are still buying on dips.

Meanwhile, exchange reserves decreased by 11.18% over the past week. This means that in addition to short-term inflows, some investors and long-term holders are still withdrawing tokens from exchanges.

Overall, UNI's short-term trend remains weak, with both the derivatives market and some spot market flows pointing to cautious sentiment. Whether it will fall further depends on whether the $3 level can provide support and whether increased holdings by large investors can offset selling pressure.