Uniswap's UNI token is under significant bearish pressure, trading at $3.44 after a 7.50% decline in the past 24 hours. Despite a 61% surge in trading volume to $239.90 million, negative derivatives data suggests a continued downward trend. The UNI OI-Weighted Funding Rate has turned negative at -0.0061%, and the Long/Short Ratio has dropped to 0.7886, indicating a preference for short positions among traders. Market sentiment remains bearish as $302,000 worth of UNI tokens were moved to exchanges, hinting at a potential sell-off. However, the top 100 wallet addresses have increased their holdings by 3.41%, suggesting some accumulation by crypto whales. Exchange reserves have decreased by 11.18%, indicating withdrawals by long-term holders. UNI's price could dip further to the $3.00 level if it loses key trendline support.