- Uniswap price continues to outperform the entire market hitting a new all-time high.
- Most of the top DeFi projects have remained bullish in the past two weeks despite overall market weakness.
- Synthetix is the biggest loser in the past 24 hours, dropping by 10%.
Bitcoin price has once again dropped below $30,000 but managed to recover. On the other hand, the top DeFi projects have simply continued to climb higher, disregarding the king of cryptocurrencies and breaking correlations.
Synthetix price falls but has a big price target of $24 in the long-term
SNX is currently trading at $15.7 after a notable 10% pullback in the past 24 hours. However, most indicators remain extremely bullish and in favor of the digital asset which is trading inside an ascending parallel channel on the 4-hour chart.
SNX/USD 4-hour chart
If bulls can defend the middle trendline of the pattern, SNX price can quickly rebound towards the top trendline at $18. A breakout above this point would push the digital asset towards $24 in the long-term.
SNX IOMAP chart
The In/Out of the Money Around Price (IOMAP) chart gives a lot of credence to this bullish outlook as it shows practically no barriers on the way up. The most significant is located between $15.97 and $16.19 where 4,000 addresses purchased close to 3 million SNX coins.
The most significant support area is established between $14.32 and $14.79 with 73 million SNX coins in volume. Losing this support could quickly push SNX price down to the lower trendline of the parallel channel at $13.
Aave price rises thanks to an amazing network growth
The number of new addresses joining the Aave network continues to grow and it’s up 37% in the past week. Similarly, the amount of active addresses has also increased by 35% in the last week.
Aave network growth
Aave is currently trading at $291, a new all-time high and might not stop any time soon. The number of whales holding between 10,000 and 100,000 coins increased from only 29 on November 2020 to a high of 56 now. This indicates that whales are still accumulating more coins with the intention to hold.
Aave holders distribution
Uniswap price can’t stop hitting new all-time highs
Uniswap price just hit a new all-time high at $15.45 despite the overall weakness of the market as Bitcoin has fallen below $30,000 again. UNI is outperforming most coins and several on-chain metrics indicate it will continue to do so.
UNI supply on exchanges
Astonishingly, despite hitting new all-time highs the percentage of Uniswap coins on exchanges has seen a massive fall from 6.62% on January 26 to 6.39% currently. This indicates that investors are not planning to sell.
UNI Holders Distribution
Additionally, the number of whales has also massively increased since the beginning of 2021. The amount of large holders with 100,000 to 1,000,000 coins increased by 30. Similarly, the number of whales with 1,000,000 to 10,000,000 coins also grew by eight.
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