By Uniswap price staged a strong comeback this week as the crypto market surged, leading to high volume in its platform. UNI token has risen in the last three days, reaching its highest point since March 28. It has jumped by almost 50% from its lowest level this year, giving it a market cap of over $4.2 billion.
Uniswap price jumps as exchange volume soars
As investors returned to the market, the volume of assets flowing into centralized and decentralized exchanges jumped this week. This surge happened as Bitcoin soared to over $104,000 for the first time in months, and as Bitcoin crossed the important $2,000 barrier.
Uniswap, the biggest decentralized exchange in the industry, experienced substantial volumes, with the 24-hour figure jumping to $14.5 billion. It has handled assets worth over $52 billion in the last 30 days, much higher than PancakeSwap, which processed cryptocurrencies worth over $35.6 billion.
This volume will likely grow if the crypto market bull run continues as many top analysts expect. For example, our Bitcoin price prediction estimated that the coin will keep surging this year and potentially hit the resistance at $150,000.
Other analysts from companies like Standard Chartered and Ark Invest expect the surge to continue and hit over $200,000 in the next few months. A Bitcoin price surge would benefit other altcoins since they often follow the footsteps of BTC.
This growth will continue making Uniswap one of the most profitable chains in the crypto market. It has made over $336 million this year, beating other popular players in the crypto industry like Ethereum, AAVE, and PancakeSwap.
Unichain gowth continues
Uniswap price has also jumped because of the continued growth of Unichain, its layer-2 network that was launched a few months ago.
Unichain is a network that aims to provide developers with a better blockchain for their DeFi operations. Its main features are its instant transactions, thanks to its 1-second block time and the ability to transact across multiple chains.
Unichain is also focused on its community, with 65% of all revenue going back to the community.
It has attracted many developers like Stargate Finance, Venus, Compound Finance, Velodrome, and DyorSwap. As a result, its total value locked (TVL) in the ecosystem has jumped to over $753 million, while all stablecoins have soared to $317 million.
In contrast, Cardano, a chain that has been around for years, has only $30 million in stablecoins.
Unichain is also becoming a more popular player in the DEX industry, handling over $606 million in daily volume. Its transactions rose by 67% in the last seven days to $2.82 billion, bringing the cumulative total to $7 billion.
Unichain has flipped some of the top players in the crypto industry like Sui, Avalanche, and Tron.
UNI price analysis
The daily chart shows that the UNI price resembles that of many other altcoins. It formed a giant falling wedge pattern, a popular bullish reversal sign. The coin recently formed a double-bottom pattern at $4,545, with its neckline at $6,060. A double-bottom often leads to a bullish reversal.
Uniswap price has crossed the neckline and moved above the 50-day Exponential Moving Average. Top oscillators like the Relative Strength Index (RSI) and the MACD indicators have continued soaring this week.
Therefore, the most likely Uniswap price forecast is bullish, with the next point to watch being at $7.92, the 78.2% retracement level, which is 18% above the current level. A drop below the support at $6 will invalidate the bullish outlook and point to a crash to $4.55.
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