Uniswap’s market share has decreased, overtaken by Raydium, which now commands 27% of decentralized exchange volume. This drop is mainly due to increasing trading activity in Solana’s memecoins.
The netflow of UNI has turned negative, indicating a trend where more UNI is leaving exchanges than entering. This reflects a lack of confidence among traders regarding short-term price increases.
With a high NVT ratio, concerns about UNI’s valuation are growing. Critical resistance levels remain at 12.71 USD and 15 USD, while 8.17 USD serves as strong support.