Uniswap Hits Record Number of New Addresses in 6 Years

Uniswap (UNI) has once again fallen below $7 after briefly exceeding this level earlier in the week. The token is trading below the mark that Santiment identified as key, just as the number of new UNI addresses reached a six-year high. According to BeInCrypto Markets, UNI is priced at $6.98, down 2.35 percent over 24 hours.

Santiment reports 13,137 new UNI addresses in one day – the highest since September 2020. The number of daily active addresses rose to 14,591, a yearly high. Santiment linked the surge to recent updates, including Aggregator Hooks launched by Uniswap on October 22. Uniswap's second-layer network – Unichain – is transitioning to OP Enterprise today.

The active address metric by Santiment counts wallets that have sent or received the UNI token itself. Therefore, the surge may include exchange transfers and wallet reshuffling, not just new holders.

Santiment Levels

Santiment identified $7 as the level to hold, with $7.50 as early confirmation of stronger momentum. Holding $7 with high activity will keep $8 within reach. Losing $7 with declining activity will indicate a short-term spike. At $6.98, the token is already trading slightly below this level.

DonWedge's View

Analyst DonWedge noted in a post on October 26 that UNI broke out of a falling wedge in June and moved from $2.60 to $10.90. He considers the $5–$6.60 range as long-term support: the zone was lost in January and regained in September. Holding this zone maintains his target of $18, while a weekly close below $5 would nullify the scenario. Currently, UNI is trading slightly above the upper boundary of this zone.

In the coming days, daily active address metrics should indicate whether new wallets continue to transact.