Uniswap drops below KEY support – Will UNI bears target $3.00 next?

Uniswap [UNI] remains under pressure due to its recent price decline.  Factors that appear to strengthen UNI’s bearish outlook include negative derivatives data, which suggests that investors and traders are expecting the price to move lower.  At press time, UNI was trading at $3.44, down 7.50% over the past 24 hours. Despite the price dip, market participants have shown strong interest in the asset, as evidenced by trading volume, which surged over 61% to $239.90 million. Uniswap price eyes $3.00 level According to the daily chart, UNI is testing a key support of an ascending trendline that it had been holding since the 12th of April 2026. Based on the current price action, if UNI loses this trendline support, there is a strong possibility that the asset could witness a further price dip and may reach the $3.00 level in the coming days. However, this bearish thesis could be invalidated if the price recovers. UNI traders and investors turn bearish  While exploring the derivatives market, it appears that both investors and traders are following the broader market trend. Data from the UNI OI-Weighted Funding Rate has  turned negative and reached -0.0061% as of writing, indicating growing bearish sentiment among traders. Meanwhile, UNI’s Long/Short Ratio fell to 0.7886, indicating that traders were favoring short positions over long positions, further reflecting bearish sentiment in the market. In addition, long-term investors appear to be moving their holdings to exchanges. Data from UNI spot inflow/outflow reveals that over the past 24 hours, $302K worth of UNI tokens has been transferred to exchanges, potentially suggesting that investors are preparing for a sell-off, which is considered a bearish signal. However, the top 100 wallet addresses appear to have a different outlook. Analytics platform Nansen discloses that over the past 24 hours, the top 100 addresses have increased their holdings by 3.41%, indicating potential accumulation by crypto whales. During the same period, Exchange Reserves fell 11.18%, indicating that investors and long‑term holders, including the top 100 addresses, withdrew UNI tokens from exchanges over the past week. Final Summary Uniswap appears poised for a further price dip and may reach the $3.00 level after losing both horizontal and trendline support. Both investors and traders have turned bearish, with some offloading their holdings while others are betting on the price to move lower.