Ethereum

Rally

Uniswap

Million

<p>While the broader cryptocurrency market continues to consolidate, Uniswap’s native cryptocurrency UNI has made a strong move rallying more than 17% and shooting past $10. As of press time, the <a href="https://coingape.com/price/uniswap/" target="_blank" rel="noopener noreferrer nofollow">Uniswap (UNI) price</a> is trading at $10.75 with its market surging to $6.5 billion. The daily trading volume for Uniswap has also seen a 30% jump shooting past $510 million.</p>
<h3 id="the-uniswap-uni-price-rally">The Uniswap (UNI) Price Rally</h3>
<p>The major reason behind this Uniswap price rally has been that the decentralized exchange (DEX) has initiated a firm stand in its legal battle with the U.S. Securities and Exchange Commission.</p>
<p>Popular <a href="https://coingape.com/uniswap-labs-replies-to-sec-wells-notice/" target="_blank" rel="noopener noreferrer nofollow">decentralized exchange (DEX) Uniswap</a> has pledged to challenge the U.S. Securities and Exchange Commission (SEC) after receiving a Wells notice from the agency, asserting that the SEC’s case is “weak.”</p>
<p>On the other hand, the current developments within the Ethereum ecosystem have also contributed to this price surge. On-chain data shows that there have been massive whale withdrawals from crypto exchanges after the spot Ethereum ETF news.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Another fresh wallet withdrew 213,166 UNI($1.96M) from <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> just now.<a rel="noopener noreferrer nofollow" href="https://t.co/u15CE864hm">https://t.co/u15CE864hm</a> <a rel="noopener noreferrer nofollow" href="https://t.co/kyOBv0TB5G">pic.twitter.com/kyOBv0TB5G</a></p>
 <p>— Lookonchain (@lookonchain) <a rel="noopener noreferrer nofollow" href="https://twitter.com/lookonchain/status/1793889611179323845?ref_src=twsrc%5Etfw">May 24, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Uniswap (UNI) has broken out of a 35-day consolidation phase this week, indicating a potential rally that could boost the token’s price by approximately 30%. Technical indicators and on-chain data both support this bullish outlook.</p>
<p>If the bullish momentum around Uniswap continues and the UNI price sustains above $10.61, it can lead to a further rally all the way to $12.80.</p>
<p>Santiment’s Age Consumed index supports the bullish outlook observed from a technical perspective. Spikes in this index indicate that dormant tokens are on the move often signaling short-term local tops or bottoms. Historically, for UNI, these spikes have preceded price rallies. The latest increase on April 25 suggested that UNI was poised for an uptrend.</p>
<figure id="attachment_198700" aria-describedby="caption-attachment-198700" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-198700" src="https://coingape.com/wp-content/uploads/2024/05/Uniswap-UNI-On-chain-Data.png" alt="" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/05/Uniswap-UNI-On-chain-Data.png 3840w, https://coingape.com/wp-content/uploads/2024/05/Uniswap-UNI-On-chain-Data-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/05/Uniswap-UNI-On-chain-Data-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/05/Uniswap-UNI-On-chain-Data-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/05/Uniswap-UNI-On-chain-Data-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/05/Uniswap-UNI-On-chain-Data-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/05/Uniswap-UNI-On-chain-Data-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
 <figcaption id="caption-attachment-198700" class="wp-caption-text">
  Courtesy: Santiment
 </figcaption>
</figure>
<h3 id="1-2-million-in-liquidations">$1.2 Million In Liquidations</h3>
<p>As per data from Coinalyze, more than $1.2 million in Uniswap liquidations have happened in the last 24 hours. Of these, more than $780K short positions have been liquidated while more than $380K of UNI long positions have been liquidated.</p>
<p>The open interest has shot up by 38% in the last 24 hours to $120 million showing that the bulls are taking charge of the recent price rally.</p>
<p>The post <a href="https://coingape.com/uniswap-uni-price-jumps-17-in-fresh-breakout-with-1-2-million-liquidations/" rel="noopener noreferrer nofollow">Uniswap (UNI) Price Jumps 17% In Fresh Breakout With $1.2 Million Liquidations</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Uniswap (UNI) Price Jumps 17% In Fresh Breakout With $1.2 Million Liquidations

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