Uniswap's Price Drops Amid Accumulation Trends

Uniswap's (UNI) token price is struggling to recover despite an increase in accumulation trends. The altcoin has fallen by almost 20% over the past week, mirroring a wider market sell-off. Bitcoin (BTC) retreated from $67k to $62k in the same period.

The latest downward continuation on Uniswap's 1-day chart is bearish, with prices dropping past $2.845 low to reach $2.316 earlier this month. The Fibonacci retracement levels plotted show that last week's price bounce to $3.72 was only a relief rally, reaching the 61.8% retracement level.

However, on-chain data suggests a shift in holder composition, with the Uniswap holder accumulation ratio trending higher over the past month. Total transaction count increased by 196% and total tokens transferred surged by 233% over the past three months, indicating a structural shift disconnected from the spot price.