Uniswap's new wallet creation hits 4-year high as UNI price struggles under $7

Over the past month, Uniswap's token (UNI) has dropped 25.75% to $6.93. Yet on-chain metrics indicate the highest rate of new user arrivals since November 2022.

Santiment recorded 2,295 new UNI wallets on a single day. According to the firm, this influx could help establish a price floor if wallet creation remains high.

Uniswap v4 Features Draw New Participants

Santiment's network growth metric tracks addresses interacting with UNI for the first time. The firm said a four-year high suggests a large influx of new participants.

Santiment attributed the growth to new Uniswap v4 capabilities, broader liquidity routing, and ongoing development on Unichain, the layer-2 network of Uniswap.

DefiLlama reports that Uniswap v4 now holds approximately $1.44 billion in total value locked (TVL). This reflects a roughly 17% increase over the past month.

Thus far, this on-chain activity has not halted the token's decline. According to BeInCrypto Markets, UNI is down 3.82% in the last 24 hours, adding to its monthly losses.

Analyst Phoenix linked the decline to seller pressure after UNI tested $10. He said the price has since fallen below the Ichimoku cloud and its moving averages on decreasing volume.

Phoenix warned that a full breakdown at $7 could send UNI toward $6 to $6.50. The token currently sits just below that level at $6.93.

Santiment viewed the same level in terms of user demand.

“Holding $7 while network growth remains above its recent baseline would favor another test of $8, while losing $7 alongside fading wallet creation would suggest the spike was mostly short-term excitement rather than sustained adoption,” the post read.

UNI Price Forecast

Recovering those losses begins with climbing above $7. Santiment named $7.50 as the first meaningful level to reclaim, followed by $8.

On October 21, when UNI traded above $7, analyst Scient flagged bullish four-hour divergences. He suggested a possible squeeze similar to Zcash (ZEC).

Defi Rocketeer finds the $7 area more compelling than the rally near $11. He expects a retest of $10 to $12 if the broader market stabilizes. CryptoBullet places major resistance further up, at $13 to $15.

$UNI Macro chart

Biggest DEX with a daily trading volume of $1-2 billion, $UNI token is tied to protocol usage through supply burns 🔥

🔨 Major Resistance is $13-15

🎯 Macro Target 1 – $24-30
🎯 Macro Target 2 – $56-71 pic.twitter.com/Db6DITXLt4

— CryptoBullet (@CryptoBullet1) October 20, 2026

For UNI holders, the next signals to watch are Santiment's network growth readings and whether UNI can close above $7. A recovery in both would bring Santiment's $8 test back into play.