UNI - No one's really interested anymore
Assets covered: UNI
Metrics used: Price, Daily Active Addresses, Networth Growth
As with most altcoins in the space, UNI's recovery was short-lived. It has now bounced off the $14 levels with no sign of strength for continuation to the upside.
Sure, it did see some volume but overall, it looks weak.
This is due mainly due to BTC continuing its downtrend and dragging the entire market with it.
UNI's Daily Active Addresses is still on a decline following the price topping out, which indicates that interest is waning, most users likely left and no new speculators coming in (Refer to Network Growth).
Naturally, price will decline with no new demand.
UNI's Network growth started showing signs of weakness in Mid-May after it failed to make new highs than Q1 2021, eventually dropping off to a halt after prices declined.
The lack of Network Growth suggests that there's no new speculators coming in for the past month or so and if it continues to decline, price should too follow suit.
UNI's price direction will largely depend on how BTC performs. Until BTC stops declining, there's a lot of uncertainty around that is discouraging any new speculators from jumping in.
To make things worst, there appears to be little to no speculative juice out there for UNI after they exhausted the V3 and L2 narrative.
Network growth and Daily Active addresses supports the lack of activity and interest in UNI since the price topped out. Until something exciting comes along or BTC stops dumping, there's really no reason for any new speculators to come back in.