Uniswap's Network Growth Hits 4-Year High With 2,295 New UNI Wallets

2,295 New UNI Wallets in a Single Day

Uniswap (UNI) is bringing in new users at the fastest pace in nearly four years, even as the UNI price continues to slide. Analytics firm Santiment shared in an X post on October 24 that it counted 2,295 new wallet addresses interacting with the token in a single day, the highest network-growth reading since November 2022. The metric tracks addresses touching UNI for the first time, so the print reflects a wave of first-time participants rather than repeat activity from existing holders. Santiment argued the influx could firm up the token's price base, provided wallet creation stays elevated at this pace.

@SantimentData · X post

Shared in an X post.

View on X

The surge traces back to the protocol's own roadmap. Santiment credited new v4 features, wider liquidity routing and ongoing work on Unichain, Uniswap's layer-2 network. The protocol remains the biggest decentralized exchange (DEX) by volume, still running on the automated market maker (AMM) model that replaced order books on-chain. Capital is following: data from DefiLlama shows Uniswap (UNI) v4 now holds about $1.44 billion in total value locked (TVL), a rise of roughly 17% over the past month.

None of this has lifted the chart yet. UNI had shed 25.75% of its value over the past month and printed $6.93 when the reading was published, down 3.82% in 24 hours at that point. Our live feed now shows the token near $6.87, down 4.4% on the day, so sellers stayed in control even after the wallet surge landed. For a token tied to protocol usage, new addresses are the raw input behind fee revenue and supply burns, which is why Santiment treats the reading as a potential base rather than a reversal signal. Each new address represents a participant who can trade, provide liquidity or hold, and sustained growth at this scale tends to widen the engaged user base before price follows.

Analysts Set $7 as the Line to Hold

The token's chart tells a rougher story than the address count. Analyst Phoenix said in an X post that selling pressure picked up after Uniswap (UNI) tested the $10 mark, and the price has since slipped below the Ichimoku cloud and its moving averages on shrinking volume. His warning is blunt: a full breakdown of $7 would open a path toward $6 to $6.50. The token sat just under that line at $6.93 when the reading was published, and it has drifted lower since.

@0xPhoenix2023 · X post

Said in an X post.

View on X

Santiment framed the same level through the demand side. Holding $7 while network growth stays above its recent baseline would favor another test of $8, while losing $7 alongside fading wallet creation would suggest the spike was mostly short-term excitement rather than sustained adoption. Winning back the monthly losses, in the firm's view, starts with a close back above $7, then $7.50, then $8.

Other analysts see upside further out. On Wednesday, October 21, when UNI still traded above $7, analyst Scient flagged bullish divergences on the four-hour chart and floated a squeeze similar to the one Zcash (ZEC) staged. The divergence has yet to be confirmed by volume, which remains thin while the token chops under its cloud. Defi Rocketeer finds the $7 area more interesting than the rally that ran near $11 and expects a retest of $10 to $12 if the broader market stabilizes. CryptoBullet places major resistance higher still, at $13 to $15, a read that rests on UNI's burn mechanics tying supply to the $1-2 billion of daily volume crossing the protocol's pools. UNI has already given back more than 20% since its $10.22 September 22 peak, so the distance between dip buyers and those macro targets is wide.

COINOTAG's composite, which scores each level from 0 to 100 based on the indicators meeting there, frames the fight in a narrow band. Our live reading puts UNI at $6.87, just above the $6.8051 support scored 71 out of 100, while the strongest resistance overhead sits at $7.1397, scored 88. A daily close above that line would clear the heaviest cluster on the map. Momentum stays negative, with the relative strength index at 39.78 and a bearish MACD, though positioning is mild: funding runs at 0.0039% and long accounts outnumber shorts 2.04 to 1. CME's cash-settled UNI futures, with 10,000 UNI contracts, give institutions a regulated hedge while the token chops. Whether wallet creation holds and buyers defend $6.8051 decides whether the adoption high becomes a price floor; the full UNI technical analysis tracks both in real time.