A significant whale transaction caught the crypto community’s attention. A whale, using the wallet address “0x972,” made a massive swap, shifting from Uniswap (UNI) tokens to DYDX, the native token of the decentralized exchange (dYdX). This move is raising eyebrows as analysts predict the price of DYDX could surge by as much as 90% in the coming days if certain key levels are maintained.

Whale’s Large Swap: UNI to DYDX

The whale’s transaction, shared by Whale Tracker EyeOnChain on X (formerly Twitter), shows that the wallet initially deposited a substantial amount of 206,100 UNI tokens, worth approximately $3.97 million, onto Binance. Within three hours, the whale withdrew 1.065 million DYDX tokens, valued at $2.82 million, at an average price of $2.642 per DYDX. The withdrawal took place after DYDX managed to break through a key resistance level of $2.41, suggesting that the whale may have anticipated further bullish momentum.

DYDX’s Technical Analysis: Is a 90% Rally Possible?

According to technical analysts, DYDX is currently in an intriguing position. The token has recently broken through a strong resistance at $2.41 and is now testing the critical $2.30 level. If DYDX manages to stay above this level, experts believe it could set the stage for a major rally, potentially reaching the $4.70 mark—a gain of around 90%.

At the time of writing, DYDX’s Relative Strength Index (RSI) is still below overbought territory, indicating that there is still room for growth in the short term. This technical setup makes DYDX one of the more interesting tokens to watch in the coming days.

Strong On-Chain Metrics Point to Bullish Sentiment

Supporting the bullish outlook are the on-chain metrics, which show strong demand for DYDX among both institutional and retail investors. Data from Coinglass reveals that DYDX has seen $11 million in outflows from exchanges in just the past 24 hours. In the cryptocurrency world, such outflows are often seen as a bullish sign, indicating that investors are holding onto their tokens for the long term instead of selling them on exchanges.

Outflows from exchanges typically suggest that investors are confident in the asset’s future growth. By moving their tokens to personal wallets, they’re betting on a price increase over time. This shift in sentiment from short-term traders to long-term holders is a positive signal for DYDX’s potential.

Declining Interest from Traders: Is This Temporary?

While long-term holders are clearly showing interest, short-term traders seem to be pulling back. DYDX’s Open Interest (OI) has decreased by 11% in the past 24 hours, with a further 4% drop in the last four hours. This decline in OI suggests that traders are either liquidating their positions or getting stopped out due to ongoing price corrections.

This decline in OI could reflect traders’ hesitancy as the price faces short-term fluctuations. However, it also highlights that long-term holders are continuing to support the token, which could lead to a more sustained rally if the market stabilizes.

What’s Next for DYDX?

With whale activity, solid technical indicators, and strong on-chain metrics, DYDX is certainly one of the altcoins to keep an eye on. If the token holds above the $2.30 level, the bullish sentiment could push the price higher, possibly reaching the $4.70 target—representing a 90% potential gain from its current price.

For now, all eyes are on DYDX’s price action in the coming days, as the cryptocurrency market remains in a state of flux. The future of DYDX will depend on whether it can maintain its upward momentum or whether traders and whales start to take profits.

In the world of cryptocurrencies, large whale movements are often indicative of upcoming price shifts, and this recent UNI-to-DYDX swap certainly suggests that there may be much more to come for DYDX in the near future.