Uniswap (UNI) has faced significant price fluctuations in the past month, with the altcoin dropping 21.9%. As the broader crypto market experiences high volatility, UNI’s price has swung between a high of $15.2 and a low of $6.4, leaving investors wondering about its future trajectory. Despite these fluctuations, one thing remains clear: $7.3 is now a critical support level for UNI, as recent shifts in cost basis distribution suggest strong accumulation at this price point.

The Role of Cost Basis in Uniswap’s Price Action

Cost basis is a crucial metric in understanding how investors perceive an asset’s fair value. According to Glassnode, a leading on-chain analytics provider, there has been significant accumulation of UNI tokens around the $7.30 price level. This has established $7.3 as an important support zone, with potential for a bounce if UNI prices test this level again.

In addition to the $7.3 support, another key development in Uniswap’s price behavior is the ongoing engagement from holders of 14 million UNI tokens, who have a cost basis of $10.6 since February 2024. These investors have remained active, with both buying and selling addresses continuing to interact with their holdings, despite recent price volatility. This suggests a level of optimism among investors who are either holding their positions or selectively purchasing more tokens at lower price levels.

Large Investor Activity: The $16.81 Cost Basis

Beyond the $7.3 and $10.6 levels, there is another significant cost basis that is affecting UNI’s price movements. A substantial portion of UNI’s supply is concentrated at the $16.81 price point, where investors hold around 31.01 million UNI tokens. These holders acquired their tokens in mid-December 2024, and despite the volatility since then, they have chosen not to sell, as doing so would result in significant losses of more than 50%.

This cohort’s reluctance to sell has helped alleviate some of the selling pressure on UNI, contributing to the altcoin’s price stability. While these holders are unwilling to liquidate their positions at a loss, they are likely waiting for prices to recover before considering sales. This behavior underscores the long-term belief in Uniswap’s value, as investors continue to hold out for better price levels.

Market Sentiment: Accumulation Amid Volatility

Despite the volatility seen in UNI’s price over the past month, the broader market sentiment remains largely optimistic, as evidenced by the continued accumulation of UNI. One indicator that reflects this is the spot netflow, which has been negative since February 25, 2025. A negative spot netflow signals more outflows than inflows, suggesting that investors are actively buying UNI and moving it off exchanges to hold in private wallets. This accumulation behavior is a bullish signal, as it indicates sustained confidence in UNI’s future potential.

In addition, the Chaikin Money Flow (CMF), a measure of buying and selling pressure, has remained positive over the past two weeks. A positive CMF indicates that buying activity has outweighed selling, signaling increased demand for UNI. This aligns with the broader narrative of accumulation, as more investors take advantage of lower prices to add to their positions.

What’s Next for UNI?

As UNI continues to consolidate around the $7.30 support level, its price action will likely depend on whether it can hold this crucial zone. If UNI manages to sustain this support, it could potentially push higher, with the next resistance levels lying around $8.3. On the flip side, if UNI fails to hold the $7.3 level, it risks a further decline toward the $6.5 price range.

For a bullish scenario to unfold, UNI must maintain the $7.3 support, where strong buying activity has already been observed. If this support level holds, it could trigger a rally towards higher price levels. Conversely, if selling pressure increases and the $7.3 support is broken, UNI could face further price declines.

Conclusion: Monitoring $7.3 Support

In summary, Uniswap’s price behavior has been heavily influenced by the $7.3 cost basis level, which is now a critical support zone for UNI. With ongoing accumulation at this price point, strong engagement from key investor clusters, and positive buying indicators, UNI has the potential for a rebound if it can maintain its current support. Traders and investors should closely monitor this level, as it will likely determine UNI’s next move in the coming weeks.