Uniswap (UNI) Rallies to $19.44, Highest Level Since December 2021, As Crypto Momentum Strengthens

Uniswap (UNI) token surged to $19.44, its highest level since December 2021, as crypto momentum continued to strengthen.

Uniswap (UNI) token experienced a surge in price, reaching $19.44, marking its highest point since December 2021, amidst a broader upswing in the cryptocurrency market.

This price rally coincides with substantial inflows observed across decentralized exchange (DEX) networks. According to data, DEX platforms handled tokens worth over $372 billion in November, the largest monthly increase on record.

Uniswap alone processed $30.86 billion in volume over the last seven days, emerging as the clear industry leader. Its volume notably surpassed that of competitors like Raydium and PancakeSwap combined. Throughout its lifetime, Uniswap has facilitated over 465 million trades, amounting to more than $2.36 trillion in value.

Traders are also showing enthusiasm for the upcoming launch of UniChain, an independent Layer-2 chain from Uniswap. The platform aims to enable seamless cross-chain trading on a single platform. Currently undergoing testing on the testnet, UniChain is expected to launch early next year.

Meanwhile, there are increasing odds that the Trump administration will drop the case brought against Uniswap by the Securities and Exchange Commission. The SEC had accused the company of offering securities on its platform without registering them.

A weekly analysis of Uniswap price action reveals the formation of a triple-bottom pattern, a bullish reversal indicator. The price has broken above the pattern's neckline at $17.13, suggesting strong buying pressure.

UNI is also approaching the 38.2% Fibonacci Retracement level at $19.23. Additionally, it has crossed above the 50-week moving average, while the MACD indicator and Relative Strength Index are both trending upwards.

The path of least resistance for UNI appears bullish, with a long-term target of $50, indicating a potential 180% increase from the current level. This aligns with predictions from analysts like Crypto Tigers predict.

For this to occur, Uniswap price will need to rise above the 50% retracement point at $24 and its all-time high of $45.