Uniswap (UNI) dropped 2.30% on June 1, breaking below the crucial $3.02 support level, which had been maintained since February. The decline to $2.97 was accompanied by a 35% surge in trading volume to $110.95 million, indicating heightened market activity despite the bearish trend. UNI's price remains below the 200-day EMA, reinforcing its downtrend. The bearish sentiment was exacerbated by significant whale activity, with a notable sale of 2.16 million UNI worth $6.61 million on May 29, resulting in a $6.39 million loss. This sale, along with other large transactions in May, has increased selling pressure. Additionally, UNI's Long/Short Ratio dropped to 0.91, showing a predominance of bearish positions. Key liquidation levels are now at $2.91 and $3.09, with traders positioning for further declines unless UNI can reclaim its lost support.