Ethereum

Uniswap

DeFi

April

In a week marked by consolidation across the cryptocurrency market, the native token of Uniswap, UNI, has defied the trend, surging over 15%, and <a href="https://www.coingecko.com/en/coins/uniswap" target="_blank" rel="noopener nofollow">surpassing the $10 mark</a>. This bullish run comes amid positive developments within the Ethereum ecosystem and Uniswap’s ongoing legal battle with the US Securities and Exchange Commission (SEC). 
<h2 id="strong-riding-the-ethereum-wave-strong">Riding The Ethereum Wave</h2> 
Beyond the legal battle, the current momentum within the <a href="https://www.newsbtc.com/news/ethereum/ethereum-undergoes-major-breakout-path-to-new-all-time-high/" target="_blank" rel="noopener ">Ethereum ecosystem</a> is also propelling UNI’s price upwards. On-chain data reveals significant whale withdrawals from crypto exchanges following news of a potential spot Ethereum ETF. 
<blockquote class="twitter-tweet"> 
 Another fresh wallet withdrew 213,166 UNI($1.96M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Binance</a> just now.<a href="https://t.co/u15CE864hm" rel="nofollow">https://t.co/u15CE864hm</a> <a href="https://t.co/kyOBv0TB5G" rel="nofollow">pic.twitter.com/kyOBv0TB5G</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1793889611179323845?ref_src=twsrc%5Etfw" rel="nofollow">May 24, 2024</a>
</blockquote> 
This flight to safety, coupled with the overall bullish sentiment surrounding Ethereum, is creating a ripple effect that benefits UNI, a key player within the Ethereum DeFi landscape. 
From a technical standpoint, UNI’s breakout from a monthly consolidation phase paints a promising picture. Both technical indicators and on-chain data suggest a potential 25% price increase for UNI. 
<img loading="lazy" decoding="async" class="wp-image-609801 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/a_2ecb06.png?resize=1024%2C357" alt="" width="1024" height="357" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/a_2ecb06.png?resize=1024%2C357?w=1681 1681w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_2ecb06.png?resize=1024%2C357?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_2ecb06.png?resize=1024%2C357?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_2ecb06.png?resize=1024%2C357?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_2ecb06.png?resize=1024%2C357?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_2ecb06.png?resize=1024%2C357?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_2ecb06.png?resize=1024%2C357?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
The token’s recent surge indicates a potential bull run, with analysts eyeing a price target of $12.80 if the current momentum continues. 
Adding fuel to the fire is Santiment’s Age Consumed index, which measures the movement of dormant tokens. Spikes in this index often precede price rallies, and the latest uptick by the latter part of April seems to have foreshadowed UNI’s current uptrend. 
This on-chain metric reinforces the bullish outlook for UNI, suggesting that investors are awakening to its potential. 
<h2 id="strong-short-sellers-get-burned-as-bulls-take-charge-strong">Short Sellers Get Burned As Bulls Take Charge</h2> 
The recent price rally has also been accompanied by a significant rise in trading activity. Data from Coinalyze reveals over $1 million in Uniswap liquidations in the last day. 
The majority of these liquidations (over $750,000) were short positions, indicating that traders betting against UNI are feeling the heat. This surge in open interest, with more traders going long on UNI, further strengthens the bullish control over the token’s price. 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/JTALlCnz/" width="2475" height="1163"> Uniswap Takes A Stand Against The SEC 
This display of defiance has instilled confidence among investors, who view it as a positive sign for Uniswap’s future. The popular decentralized exchange (DEX) recently received a Wells notice from the regulatory body, alleging that UNI is a security. However, Uniswap has vowed to challenge this claim, asserting that the SEC’s case is weak. 
The SEC case against Uniswap remains unresolved, and a negative outcome could dampen investor sentiment. A broader market correction could still impact UNI’s price. 
Featured image from Wallpapers, chart from TradingView

Uniswap Shoots Past $10 On 15% Price Explosion – Here’s The Trigger

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