Crypto analyst Ali Martinez has ignited excitement in the cryptocurrency community with a bullish prediction for Uniswap (UNI). This comes amid ongoing legal tussle between Uniswap and the U.S. Securities and Exchange Commission (SEC). Moreover, the analyst is bullish on the Uniswap price rally to $10 despite the legal scrutiny.

UNI Gears Up For Rally To $10

In a recent post on X, Martinez highlighted the TD Sequential buy signal flashing on Uniswap’s daily chart. Furthermore, he noted that this indicates a potential rally that could see UNI soaring to $10 in the next one to four days.

In case of such a surge, the Uniswap price will soar over 32% from its current value. In addition, it suggests that Uniswap will not mirror the XRP slump that started when Ripple Labs got engaged in a court battle against the SEC. However, even if the Uniswap price rallies to $10, it would still be 78% short of the all-time high of $44.97.

In an interview with Bankless, Uniswap CEO Hayden Adams expressed confidence in overcoming the regulatory hurdles posed by the SEC. Addressing the SEC’s concerns, Adams outlined three key issues at the center of the dispute. Firstly, the SEC questions whether Uniswap’s interfaces constitute a broker.

Moreover, Adams drew parallels to a recent court ruling favoring Coinbase, asserting Uniswap’s similarity in interface design and its compliance with regulatory standards. Secondly, the SEC has raised doubts about whether UNI tokens qualify as securities. In addition, Adams emphasized Uniswap’s transparency and the absence of a contractual relationship between Uniswap Labs and token holders, arguing against the classification of UNI tokens as securities.

Lastly, the SEC scrutinizes whether the Uniswap protocol operates as an unregistered securities exchange. Hence, Adams emphasized the protocol’s autonomy and the decentralized nature of its operation on the blockchain, refuting claims of Uniswap Labs’ control over the exchange.

Also Read: SEC Revamps Lawsuit Against Tron Founder, “Extensive Travel” Sparks Jurisdiction Claim

Uniswap Price Today

Adams concluded the interview with a resolute stance, affirming Uniswap’s commitment to defending itself against the SEC’s allegations. “We’re on the right side of the law and we’re excited about this,” he declared. Such an affirmation has instilled a sense of confidence in the Uniswap community.

The Uniswap price soared 4.21% to $7.54 at press time on Friday, April 19, 2024. The surge came in response to a broader market recovery and increased investor confidence. Meanwhile, the UNI crypto boasted a market capitalization of $4.52 billion. Moreover, the 24-hour trade volume surged 12.31% to $179.87 million.

Also Read: Pro-XRP Lawyer Reveals XPRL’s SEC Lawsuit Setbacks, Boosting Rivals Chances

The post Uniswap Price: Top Analyst Bullish On UNI Rally To $10 Despite Legal Woes appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am