Recently, the trend of UNI is indeed worth following. From a technical perspective, the four-hour level has shown clear short positions signals. The latest one-hour Candlestick closed at $6.040, with rising momentum clearly exhausted. The key resistance level of $6.113 has been breached, and if it subsequently falls below the support level of $5.540, it may continue to probe towards $4.835.

The MACD indicator is quite interesting right now— a death cross has formed below the 0 axis, with a value of -0.087. This "death cross" usually indicates that the short positions trend is accelerating. The volume performance is also somewhat strange; although there are occasional spikes, the overall trading volume is in a state of contraction. The RSI is oscillating repeatedly within the range of 44-58, showing a weak neutral performance, while the MFI has dropped to 28.85, entering the oversold area.

What needs to be cautious here is that overselling does not necessarily mean that a rebound is imminent. In a clear downtrend, overselling may just be a halftime break, and after a rebound, it often continues to plunge.

From an on-chain perspective, a large whale has increased its holdings by 1.68 million UNI this week, with a paper profit now reaching 1.37 million dollars. This whale made a large investment at a price of 5.2 dollars before the proposal was passed, and now UNI has risen to a high of 6.5 dollars. For such large holders, the best window for selling often comes when profits are substantial. If such funds start to cash out and the market's ability to absorb the selling is insufficient, the speed of the decline may far exceed expectations.