As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself increasingly intrigued by Uniswap (UNI)’s recent performance and potential for growth. The platform’s dominance in the decentralized exchange (DEX) market, coupled with its impressive trading volume, has caught my attention.
On Friday, I noticed a 1.7% surge in Uniswap’s price, peaking at $6.67. This bullish uptick follows a broader market cooling down after the recent sell-off caused by geopolitical tensions in the Middle East. Despite many major cryptocurrencies potentially struggling to maintain their momentum, UNI seems well-prepared for a prolonged recovery given its robust presence in the decentralized exchange (DEX) market. As an analyst, this is my observation.
Can UNI’s $33B DEX Volume Spark Uniswap Price Rally Toward $10?
In September 2024, Uniswap (UNI) firmly established itself as the dominant player within the decentralized exchange (DEX) market, accounting for approximately 70% of the total market share. The platform experienced a significant spike in trading activity, resulting in a whopping $33 billion in volume—representing a notable 59% increase compared to the preceding month.
The performance highlights Uniswap’s dominance in the decentralized finance (DeFi) space and highlights user engagement. The increasing network actively could drive demand pressure for Uniswap coin price.
Based on information from Santiment, the percentage of UNI tokens owned by large wallets has been fairly constant at approximately 50.7% since April 2024. This consistency suggests that significant investors are holding onto their UNI, demonstrating their faith in the asset’s future prospects.
Over the last month, I’ve noticed that Uniswap ($UNI) has been leading the pack in terms of trading volume amongst all Decentralized Exchanges (DEXs), accounting for approximately 70% of the market share.
This amounted to $33B in trading volume, marking a 59% increase compared to the previous month.
— Satoshi Club (@esatoshiclub) October 4, 2024
To add to that, the number of UNI tokens available on exchanges has dropped significantly over the past six months, now standing at approximately 75 million coins. This downward trend suggests that investors are actively removing their coins from these platforms, thereby lessening the overall selling pressure in the market.
Over the past two months, the price of Uniswap climbed steadily from $4.7 to $7.86, representing a 67.3% increase. Remarkably, this rise took place solely between two trendlines that were converging, suggesting the development of an inverted flag pattern.
As a crypto investor, I’m excited about today’s 2.3% surge in UNI price. It looks like it bounced back from the lower trendline of the flag pattern, hinting at a potential reversal. If this holds, we could see the asset climbing 22%, aiming to challenge the upper trendline around $8.2. Should there be a successful breakout, the recovery momentum might accelerate, propelling UNI towards $8.6 and potentially even reaching $10.
Conversely, if the price of Uniswap falls below its lower trendline, there may be increased selling pressure that could potentially prolong the correction, possibly driving the price down to a level as low as $
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2024-10-04 19:58