Uniswap (UNI) Poised For 45% Rally, On-Chain Metrics Confirm
Most of the top cryptocurrencies have experienced significant upward momentum during this bull run. Among them, Uniswap (UNI) stands out as one of the top cryptocurrencies that has recently broken out of a bullish price action pattern, with plenty of room for significant gains in the coming days.
Traders and whales drive UNI’s growth
On-chain analytics firms Coinglass and IntoTheBlock reported that traders and investors are currently showing strong interest in the token, indicating potential upside momentum and buying opportunities.
Open interest rises
according to coin glass Data shows that UNI’s open interest (OI) surged 25% in the past 24 hours, with its value reaching $188.07 million for the first time since April 2024. The sharp rise in OI indicates high trader participation, likely driven by bullish market sentiment.
Whales and Institutional Engagement
As reported by IntoTheBlock, in addition to recent trader activity, whales and institutions are also heavily involved in the token. The latest data shows that large transaction volume of the UNI token has surged by 45% in the past 24 hours.
Growing open interest and high volume indicate a bullish outlook for the coin and further hint at potential accumulation opportunities.
UNI Technical Analysis and Upcoming Levels
According to technical analysis from CoinPedia, University A bullish inverted head and shoulders price action pattern has been broken out. However, the formation of this bullish pattern occurred after UNI experienced a long-term breakout of a descending triangle price action pattern.
Both breakouts hint at significant upward momentum in the coming days. Based on recent price action and historical price momentum, there is a good chance that UNI could surge 50% to $16.20 levels in the coming days.
However, UNI may face some obstacles in the coming days, with $12 being resistance.
Apart from this, technical indicators such as the Relative Strength Index (RSI) and the 200 Exponential Moving Average (EMA) point to underlying upward momentum and suggest that the asset is in an uptrend.
Current Price Momentum
At press time, UNI was trading near $11, with prices up more than 16% in the past 24 hours. During the same period, its trading volume surged 40%, indicating increased participation from traders and investors compared to the previous day.
