Uniswap (UNI) Primed for Further Growth as Bullish Momentum Persists

Uniswap [UNI] has grabbed the market's attention with its sharp price movement and the uptick in its network activity, raising speculation

Uniswap [UNI] has been the center of attention due to its sharp price movement and uptick in network activity. At press time, UNI was trading at $14.60, following daily gains of 14.33%. This price rally hinted at renewed momentum, especially considering the flattening price action over the past month.

However, can Uniswap sustain its upward trajectory? Let’s analyze the price action, address stats, and other on-chain metrics to gauge UNI’s long-term bullish potential in the DeFi landscape.

Uniswap’s price charts revealed a clear upward trend on the H4 timeframe. UNI encountered key resistance at $17.12 and maintained strong support at $12.60. Indicators like the Average Directional Index (ADX) pointed to a strong trend (39.72), while the Moving Average Convergence Divergence (MACD) highlighted a slight bearish divergence.

If UNI breached this resistance convincingly, it could signal the start of a sustained bull run towards $20 or higher.

Active addresses surged by 23.94%, and new addresses rose by 8.42% over the past week. This uptick in participation highlighted a rising interest in UNI, especially considering its utility in the DeFi space.

Moreover, such increasing address activity seemed to be in line with the price momentum, indicating confidence among users.

Unis total transaction count grew by 1.12% over the last 24 hours, hitting 6.7K as per CryptoQuant’s analytics. While this change was modest, it reflected consistent activity on the network.

Additionally, exchange reserves fell by 0.64% over the same period, signaling reduced selling pressure. This decline in reserves suggested that holders were optimistic about potential gains and might have been holding on to their tokens.

Open Interest climbed by 5.67%, reaching $264.24 million as per Coinglass’s data. This change indicated heightened speculative activity in the market, signaling confidence in UNI’s near-term potential.

Such growing interest has often correlated with significant price movements, adding to the case for sustained growth.

Uniswap might be poised for further growth. With robust price action, increasing user adoption, and reduced selling pressure, UNI could be well-positioned to break through the key resistance at $17.12. If this happens, a hike towards $20 or higher seems highly likely.