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Uniswap [UNI] has grabbed the market's attention with its sharp price movement and the uptick in its network activity, raising speculation...
has grabbed the market’s attention with its sharp price movement and the uptick in its network activity, raising speculation about its long-term bullish potential in the DeFi landscape. At press time, UNI was trading at $14.60, following daily gains of 14.33%.Uniswap’s price charts revealed a clear upward trend, with UNI retesting the key resistance at $17.12 while holding firm support at $12.60. Indicators such as the Average Directional Index at 39.
However, the overall bullish sentiment persists, with predictions pointing to a potential breakout towards $20. If UNI breaches this resistance convincingly, it could signal the start of a sustained bull run.Address statistics highlighted increasing network activity, with active addresses surging by 23.94% and new addresses growing by 8.42% over the past week. This uptick in participation highlighted a rising interest in UNI, driven by its utility in the DeFi space.
Therefore, the strong engagement seemed to be in line with the price momentum, indicating confidence among users and investors alike.Uniswap’s total transaction count grew by 1.12% over the last 24 hours, hitting 6.7K as per CryptoQuant’s analytics. While this change is modest, it reflected consistent activity on the network. Additionally, exchange reserves fell by 0.64% over the same period, signaling reduced selling pressure.
This decline suggested that holders are optimistic about potential gains and have been refraining from offloading their tokens. Consequently, the reduced reserves bolster the likelihood of a sustained price rally.Market sentiment further supported a bullish outlook, with Open Interest climbing by 5.67% to $264.24 million. This hike reflected heightened speculative activity, signaling confidence in UNI’s near-term potential.Uniswap might be poised for further growth.
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