Decentralized exchange protocol Uniswap (UNI) has registered its fastest pace of user acquisition since November 2022, adding 2,295 new wallets in a single day even as the token price dropped 25.75% over the past month to $6.93.
According to analytics firm Santiment, this four-year network growth peak indicates a fresh influx of market participants that could form a price floor for the decentralized exchange token, provided daily address creation remains elevated.
Key Takeaways
- Record Network Growth: Santiment recorded 2,295 new UNI addresses created in 24 hours, the highest daily surge in four years.
- TVL Expansion: DefiLlama data shows Uniswap v4 total value locked (TVL) expanded roughly 17% over the past month to $1.44 billion.
- Price Drawdown: UNI slipped 3.82% in 24 hours to $6.93, continuing its monthly decline after testing resistance near $10.
- Critical Technical Levels: Analysts pinpoint $7.00 as key support, with downside risk toward $6.00 to $6.50 and upper resistance at $7.50, $8.00, and $13.00 to $15.00.
On-Chain Expansion Driven by Uniswap v4 and Unichain
Santiment attributed the surge in address creation to new features rolled out on Uniswap v4, wider liquidity routing options, and ongoing work on Unichain, Uniswap's upcoming Layer-2 network. Data from DefiLlama confirms that Uniswap v4 total value locked has climbed approximately 17% over the past month to reach $1.44 billion.
Despite rising protocol metrics, token spot prices have remained under pressure. UNI fell 3.82% over the past 24 hours, extending monthly losses per market data.
Technical Support Levels and Market Outlook
Market analyst Phoenix pointed out that UNI met heavy seller pressure after testing the $10 mark, causing the token to fall below its Ichimoku cloud and key moving averages on declining volume. Phoenix warned that a complete breakdown below $7.00 could push UNI lower toward $6.00 to $6.50.
Santiment noted that defending $7.00 while network growth stays above its recent baseline would favor a price retest of $8.00, with $7.50 acting as the first major recovery hurdle. Conversely, losing $7.00 while wallet creation fades would indicate the metric spike was driven by short-term sentiment. On October 21, when UNI held above $7.00, analyst Scient highlighted bullish four-hour momentum divergences, suggesting a possible squeeze scenario similar to recent Zcash volatility.
Analyst Defi Rocketeer framed the $7.00 region as more compelling than the previous rally near $11.00, forecasting a retest of $10.00 to $12.00 if general market conditions stabilize amid broader altcoin market pressure. Looking at macro charts, analyst CryptoBullet cited Uniswap's daily DEX trading volume of $1 billion to $2 billion and protocol supply burns, placing primary resistance between $13.00 and $15.00, with macro targets at $24.00 to $30.00 and $56.00 to $71.00.
Why It Matters
The gap between record on-chain address adoption and declining token price highlights an ongoing structural disconnect in DeFi governance tokens. While Uniswap v4 upgrades and Unichain development successfully draw total value locked and new users, sustainable price recovery hinges on whether this adoption converts into persistent buy-side demand. Traders should closely monitor whether daily address creation stays elevated above recent baselines to verify if the $7.00 region can form a reliable accumulation floor.
