Uniswap whales are selling – Why $5.80 could be UNI’s next stop

Uniswap [UNI] faced a 10.80% decline in Open Interest in the past 24 hours as prices slid 7% and daily trading volume ramped up by 36% as of writing. The increased selling pressure was a result of market-wide fear and also UNI-specific whale selling. Lookonchain reported that a whale wallet had sold 1 million UNI tokens, worth $7.32 million, over the past two days. The wallet had received 20.39 million from the Uniswap Timelock wallet over a year ago, the analytics platform added.