Ah, the Uniswap price, a delicate bird perched precariously above a crucial support level, as if it were a tightrope walker in a circus of financial chaos. This month, its fees and volume have leaped to heights unseen since February, as if the market itself had taken a double shot of espresso.
On this fine Monday, Uniswap (UNI), the grandest of decentralized exchanges, was trading at a modest $6.50, just a hair above its year-to-date low of $4.92. A true testament to the resilience of the crypto spirit, or perhaps just a stubborn refusal to fall further.
According to the wise sages at DeFi Llama, Uniswap has processed over $73 billion in transactions this month, a staggering leap from April’s paltry $53.2 billion. It’s the biggest monthly increase since February, when the protocol was riding high at $78 billion. Who knew numbers could dance like this?
Most of this volume, of course, has been frolicking on the Ethereum (ETH) chain, with Arbitrum, Unichain, and Base trailing behind like eager puppies. Unichain, the new kid on the block, has already racked up over $14 billion in volume, leaving Cardano’s (ADA) $4.9 billion in the dust. Talk about a sibling rivalry!
Uniswap’s fee revenue has also taken a delightful leap this year. TokenTerminal data reveals that the protocol has generated over $380 million in revenue, outpacing Ethereum’s $275 million. It’s like a race where the tortoise suddenly decides to sprint!
Yet, despite these robust fundamentals, UNI’s price remains a staggering 65% below its December high. One might wonder if it’s suffering from a case of the Mondays, or perhaps it’s just the rising competition in the decentralized exchange arena. Protocols like PancakeSwap and Raydium are snatching up market share, with PancakeSwap alone processing nearly $100 billion in volume this month. Ouch, that’s gotta sting!
Another cloud looming over UNI is the whale distribution. According to Santiment, the supply of UNI held by whales has plummeted to 748 million tokens, down from a high of 850 million in December. This sell-off is often seen as a bearish signal, like a dark cloud on an otherwise sunny day.
Uniswap price technical analysis
The weekly chart reveals that Uniswap was trading at $6.50 on Monday, a rise from its year-to-date low of $4.6175. This low coincided with an ascending trendline connecting major support levels dating back to June 2022. A historical moment, indeed!
It has formed a giant megaphone pattern, characterized by ascending and diverging trendlines, a bullish pattern that could make even the most stoic trader crack a smile. If a breakout occurs, UNI could rally toward last November’s high of $19.24, representing a nearly 200% increase from current levels. But beware! A drop below the lower boundary of the megaphone pattern would invalidate this bullish setup and suggest further downside. It’s a classic case of “what goes up must come down.”
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2025-05-26 17:26