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Home»TRADING NEWS»Uniswap price rises 20% as UNI hints at a massive breakout.
TRADING NEWS

Uniswap price rises 20% as UNI hints at a massive breakout.

By Crypto FlexsMay 25, 20243 Mins Read
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Uniswap price rises 20% as UNI hints at a massive breakout.
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  • Uniswap price reached a high of $10.99 on May 25, rising more than 20% in 24 hours.
  • UNI has benefited from whale activity, Ethereum ecosystem developments, and Uniswap Labs’ response to the SEC’s Wells notice.
  • The technical situation also suggests a breakout that could push UNI price from $15.40 to $2.

Uniswap price surged more than 20% in 24 hours, trading at $10.99, the highest since early April.

Optimistic projections suggest that increased buying pressure could push UNI to $15.40, the high it reached in March.

Uniswap price and ETH ecosystem

UNI is the native token of a leading DEX platform and will likely be one of the top betas at the time of Ethereum ETF approval.

Uniswap prices on Friday defied market-wide consolidation, with Ethereum (ETH) exceeding $3,700. UNI price rose more than 20%, reaching a multi-week high of $10.95, as most altcoins try to break away from key support levels.

This is happening as whales increasingly withdraw UNI from exchanges. According to on-chain details shared by Lookonchain on X, one such whale withdrew $1.96 million from UNI on Binance as the price rose.

With the release of ERC-7683, Uniswap’s upward momentum was further strengthened. This new token standard is a collaboration between Uniswap Labs and Across Protocol and aims to streamline cross-chain transactions through a “unified framework for cross-chain intent systems.”

UNI surges after Uniswap response to SEC

Amid growing optimism about Uniswap’s regulatory outlook, there was also a break above the crucial $10 mark.

Earlier this week, Uniswap Labs reiterated that it is prepared to fight a potential lawsuit from the SEC following the recent Wells notice.

According to Uniswap, the SEC’s claim that the DEX platform is an unregistered stock exchange and broker-dealer is “incorrect.” The claim that UNI is a security is also incorrect, and Uniswap wrote in its response to regulators that the SEC’s theory surrounding it is “weak.”

Uniswap price chart

The surge in Uniswap over the past 24 hours resulted in a breakout of the consolidation phase that had limited UNI price below the $8 level.

Current forecasts for increased whale activity and the ETH ecosystem favor UNI bulls.

Technical conditions also support the continuation of the uptrend. In this case, the RSI and MACD indicators on the daily chart indicate that the bulls are in control.

If this outlook holds, the UNI price could eye key resistance levels at $12.96 and $15.40. The important short-term target is $2.


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