Uniswap (UNI) is showing signs of renewed network activity despite continued pressure on its token price. UNI has fallen 25.75% over the past month to around $6.93, while on-chain data points to a sharp increase in new wallet activity.
According to Santiment, 2,295 new addresses interacted with UNI for the first time in a single day. That is the highest daily reading since November 2022 and could signal growing interest in the Uniswap ecosystem.
Whether this activity translates into a price recovery will depend on whether new users continue to arrive and buyers regain control of the market.
Uniswap v4 and Unichain Drive Attention
Santiment’s network growth metric tracks addresses engaging with a token for the first time. The recent spike suggests that more participants are entering the UNI ecosystem than at any point in nearly four years.
The analytics firm linked the increase to developments across Uniswap, including its v4 protocol, broader liquidity routing capabilities, and continued work on Unichain, its Layer 2 network.
Data from DefiLlama puts Uniswap v4’s total value locked (TVL) at approximately $1.44 billion, representing growth of around 17% over the previous month.
However, the increase in network activity has yet to produce a sustained recovery in UNI’s market price. BeInCrypto Markets data showed the token down another 3.82% over 24 hours, extending its monthly decline.
Can UNI Hold the $7 Support Zone?
Technical signals remain a concern for traders.
Analyst Phoenix attributed UNI’s weakness to selling pressure that emerged after the token tested the $10 level. Since then, the price has fallen below the Ichimoku cloud and key moving averages, while trading volume has declined.
Phoenix warned that a decisive break below $7 could expose UNI to a further decline toward the $6–$6.50 range. At approximately $6.93, the token is already trading just below that psychological threshold.
Santiment’s analysis also identifies $7 as an important level, although its outlook depends on whether wallet growth remains strong.
If UNI regains and holds $7 while new-address activity stays elevated, the token could attempt to move toward $8. If the price weakens further and wallet growth slows, the recent increase in activity may prove temporary.
UNI Price Targets Traders Are Watching
A sustained recovery would likely require UNI to reclaim the $7 area before challenging higher resistance levels.
Santiment has identified $7.50 as an important level for the token to recover, with $8 representing a potential next target.
Earlier, on October 21, analyst Scient pointed to bullish divergences on UNI’s four-hour chart while the token was trading above $7. The analyst suggested that a short-term squeeze could develop, drawing a comparison with Zcash (ZEC).
Another analyst, Defi Rocketeer, views the $7 region as a more attractive area to watch than UNI’s previous rally toward $11. If broader market conditions improve, the analyst sees the possibility of a move back toward $10–$12.
CryptoBullet has identified a higher resistance zone between $13 and $15.
These targets remain conditional on market conditions and price confirmation. A recovery toward them is not guaranteed.
What Comes Next for Uniswap?
UNI is facing two competing signals: rising wallet activity and a declining token price.
The increase in new addresses suggests that interest in Uniswap may be returning, while the growth in Uniswap v4’s TVL provides another sign of ecosystem activity. Neither metric, however, guarantees that buyers will step in strongly enough to reverse the current downtrend.
$UNI Macro chart
Biggest DEX with a daily trading volume of $1-2 billion, $UNI token is tied to protocol usage through supply burns 🔥
🔨 Major Resistance is $13-15
🎯 Macro Target 1 – $24-30
🎯 Macro Target 2 – $56-71 pic.twitter.com/Db6DITXLt4— CryptoBullet (@CryptoBullet1) October 20, 2026
For now, traders can watch whether UNI establishes support around $7, reclaims $7.50, and maintains its recent pace of network growth.
A combination of improving price action and sustained wallet growth would strengthen the case for a move toward $8. Continued selling pressure and declining network activity would weaken that outlook.
*Note: The figures and analyst views above are based on the supplied material and have not been independently verified. This article is for informational purposes only and is not financial advice.*
