UNI Shows Early Bullish Signs,Poised for Significant Gains
uniswap’s UNI token is showing early signs of a bullish reversal. over the past 24 hours, UNI surged over 20%, hitting an intraday high of $7.6 on May 29. This marks a 57% increase from its April low.The market cap also rose to around $4.4 billion.
Trading volume spiked by more than 200%, exceeding $1 billion. In the derivatives market, open interest climbed 20% to a record $514 million, indicating a rise in leveraged long positions. Positive funding rates suggest traders are betting on higher prices.
UNI’s price action is attracting attention. it surged over 20% higher than current levels. That target also lines up with the 61.8% Fibonacci retracement level, giving it extra significance.
A major bullish driver is UniswapX, a new feature that optimizes swaps by routing them through the best available source. It allows multiple fillers to compete for the most favorable price, boosting interest in the DeFi space.
Large investors, or whales, are also accumulating UNI. The number of addresses holding between 10,000 and 1 million UNI has increased recently, signaling growing confidence.
However, a key resistance level around $7.87 could cause a short-term pullback. If UNI drops below $6.5, it could invalidate the bullish breakout pattern.
