Uniswap price reached highs of $10.99 on May 25, rising more than 20% in 24 hours.
UNI gained amid whale activity, Ethereum ecosystem developments and Uniswap Labs’ response to SEC’s Wells Notice.
The technical picture also hints at a breakout that could push UNI price to $15.40 and towards $2.

Uniswap price jumped more than 20% in 24 hours to trade at $10.99, its highest level since early April.

A bullish outlook suggests increased buying pressure could push UNI towards highs of $15.40 reached in March.

Uniswap price and the ETH ecosystem

UNI is the native token of the leading DEX platform, likely one of the top beta plays around the spot Ethereum ETF approval.

On Friday, Uniswap price defied marketwide consolidation, with the price of Ethereum (ETH) hovering above $3,700. As most altcoins looked to bounce off key support levels, UNI price rose more than 20% to touch a multi-week peak of $10.95.

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

Uniswap’s upside momentum has also strengthened amid the unveiling of ERC-7683. This new token standard is a collaboration between Uniswap Labs and Across Protocol and aims at streamlining cross-chain trading via a “unified framework for cross-chain intents systems.”

UNI surges after Uniswap response to SEC

Breaching the critical $10 mark also came amid a rising bullish sentiment around Uniswap’s regulatory outlook.

Earlier this week, Uniswap Labs’ reiterated its readiness to fight the SEC’s potential lawsuit following a recent Wells Notice.

According to Uniswap, the SEC is “wrong” in its assertions that the DEX platform is an unregistered securities exchange and broker-dealer. The allegation that UNI is a security is also wrong, with SEC’s theories around it “weak” Uniswap wrote in a response to the regulator.

Uniswap price chart

Uniswap’s surge in the past 24 hours sees UNI breakout of a consolidation phase that had prices capped below the $8 level.

Increased whale activity and the current projections for the ETH ecosystem favour UNI bulls.

The technical picture also supports an upside continuation. In this case, the RSI and MACD indicators on the daily chart suggest bulls are in control.

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

The post Uniswap price jumps 20% as UNI hints at massive breakout appeared first on CoinJournal.

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Filed under: Bitcoin - @ May 25, 2024 10:06 am