An address that has long held Uniswap tokens recently transferred 2.16 million UNI tokens to Binance, worth approximately $6.61 million at the time. The article states that these tokens had been held for about a year, and this transfer occurred when UNI was nearing the $3 support level, indicating that some large holders chose to exit at a loss.

Exchange inflows continue to increase

Aside from a single whale transfer, UNI's exchange flows have also shifted towards a bearish trend. A positive net inflow means that more tokens are being transferred into exchanges than out, increasing the number of tokens available for sale in the market.

This change occurred while UNI was fluctuating around $3, further pressuring the already weak trend. If the exchange balance continues to rise, short-term sellers may still maintain the upper hand.

The $3 support level is being tested.

The article mentions that the $4 level remains a significant resistance point for UNI, which previous rebounds have failed to break through effectively. In terms of price structure, UNI remains in a weak range with gradually declining highs.

In terms of indicators, the DMI shows the bearish directional indicator is higher than the bullish directional indicator, and the ADX is 25.10, reflecting that the current trend is still dominated by sellers. The Parabolic SAR is also above the price, and the daily signal is bearish.

Binance still has a large number of large investors.

Despite increased inflows from whales and net exchange transactions, large accounts on the Binance platform still show a bullish bias in their positions. Data shows that 60.71% of top trading accounts hold long positions, while short positions account for 39.29%, resulting in a long-short ratio of 1.55.

This means that some active traders are still betting on a rebound near the support level. However, if new buying cannot absorb the continuously increasing supply from exchanges, long positions alone will not be enough to reverse the current trend.