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 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.
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.
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