- Short-term holders are steadily accumulating UNI, while the share of the top 100 addresses declines, gradually increasing decentralization across the network.
- Uniswap’s Metcalfe Ratio is rising, showing valuation growth relative to active addresses, signaling close monitoring between user adoption and market capitalization.
- UNI price is consolidating near $9.9 after a 97% rally, with traders watching for a reclaim above $11 to continue momentum.
Uniswap (UNI) is trading at $9.77 as of writing with a 24-hour volume of $192.5 million, showing a modest 0.62% price increase. The token remains stable as market participants assess both on-chain and technical conditions shaping the asset in 2025.
Short-Term Holders Accumulate While Top Addresses Decline
Data from on-chain trackers shows short-term holders are steadily accumulating Uniswap. Analyst Joao Wedson noted that the share of the top 100 UNI addresses has been declining. This shift is contributing to a more distributed supply, gradually increasing decentralization across the network.
Wedson added that the Metcalfe Ratio for Uniswap is rising again. The metric compares market capitalization to the square of active addresses, based on Metcalfe’s Law. The ratio provides insights into whether network growth is aligned with current market valuation.
A lower ratio often signals potential undervaluation when user activity grows faster than price. Conversely, a higher ratio can suggest that market prices are outpacing adoption. The current rise places Uniswap in a phase where valuation and activity are under closer observation.
UNI Price Consolidates Near $9.9 After Rally
Market observers are monitoring price structure closely. According to trader BullishBanter, UNI is at a key decision point after consolidating around $9.9. The asset experienced nearly 97% upside earlier this summer, creating a strong base for recent market behavior.
The trader emphasized that reclaiming the $11 mark could trigger further continuation toward $12 and beyond. Technical patterns suggest that buyers are maintaining control, provided that higher lows remain intact within current trading sessions.
With daily movements showing only a slight 0.62% increase, UNI is trading in a narrow band. This range could serve as a testing phase before larger directional moves emerge in the coming weeks.
Market Dynamics Shape Network Growth and Valuation
Uniswap’s price stability near $9.7 comes at a time when network dynamics show shifting holder behavior. The move by short-term holders to accumulate while top addresses reduce share is changing supply concentration. This trend adds depth to ongoing decentralization efforts within the protocol.
At the same time, the rising Metcalfe Ratio highlights how valuation and network activity are being reassessed. Analysts point to this metric as a key reference for determining whether market pricing aligns with actual adoption.
Together, technical patterns and on-chain shifts suggest that Uniswap is in a consolidation phase. Market participants are watching closely for either a reclaim above $11 or continued range trading near current levels.
