MEXCUniswap (UNI) Price Jumps 17% In Fresh Breakout With $1.2 Million Liquidations
Highlights
- Uniswap price can rally further to $13.0 if the bullish momentum continues.
- Uniswap whales have been moving coins off-exchanges in large numbers.
- More than $780K in UNI short positions have been liquidated in the last 24 hours.
While the broader cryptocurrency market continues to consolidate, Uniswap’s native cryptocurrency UNI has made a strong move rallying more than 17% and shooting past $10. As of press time, the Uniswap (UNI) price is trading at $10.75 with its market surging to $6.5 billion. The daily trading volume for Uniswap has also seen a 30% jump shooting past $510 million.
The Uniswap (UNI) Price Rally
The major reason behind this Uniswap price rally has been that the decentralized exchange (DEX) has initiated a firm stand in its legal battle with the U.S. Securities and Exchange Commission.
Popular decentralized exchange (DEX) Uniswap has pledged to challenge the U.S. Securities and Exchange Commission (SEC) after receiving a Wells notice from the agency, asserting that the SEC’s case is “weak.”
On the other hand, the current developments within the Ethereum ecosystem have also contributed to this price surge. On-chain data shows that there have been massive whale withdrawals from crypto exchanges after the spot Ethereum ETF news.
Another fresh wallet withdrew 213,166 UNI($1.96M) from #Binance just now.https://t.co/u15CE864hm pic.twitter.com/kyOBv0TB5G
— Lookonchain (@lookonchain) May 24, 2024
Uniswap (UNI) has broken out of a 35-day consolidation phase this week, indicating a potential rally that could boost the token’s price by approximately 30%. Technical indicators and on-chain data both support this bullish outlook.
If the bullish momentum around Uniswap continues and the UNI price sustains above $10.61, it can lead to a further rally all the way to $12.80.
Santiment’s Age Consumed index supports the bullish outlook observed from a technical perspective. Spikes in this index indicate that dormant tokens are on the move often signaling short-term local tops or bottoms. Historically, for UNI, these spikes have preceded price rallies. The latest increase on April 25 suggested that UNI was poised for an uptrend.
$1.2 Million In Liquidations
As per data from Coinalyze, more than $1.2 million in Uniswap liquidations have happened in the last 24 hours. Of these, more than $780K short positions have been liquidated while more than $380K of UNI long positions have been liquidated.
The open interest has shot up by 38% in the last 24 hours to $120 million showing that the bulls are taking charge of the recent price rally.
- Crypto ETFs Attract $1B in Fresh Capital Ahead of Expected Fed Rate Cut This Week
- Breaking: Michael Saylor’s Strategy Adds 390 BTC to Holdings as Bitcoin Surges Past $115k
- Solana, Cardano, Litecoin, Sui ETFs Delay Wipe Out Institutional Interest: CoinShares
- Is Changpeng “CZ” Zhao Returning To Binance? Probably Not
- Ripple-Backed Evernorth XRP Treasury’s Holdings Reach $1B Ahead of Nasdaq Listing
- Pi Coin Price Jumps 24% as 10M Tokens Exit Exchanges – Can Bulls Sustain the Momentum?
- Bitcoin Price Prediction If President Trump Announces Deal with China on October 30th- Can BTC Break $125k?
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
