The uniswap wheel is removing coins from the exchange in large numbers. Over $820K in short liquidations in the last 24 hours.
While the broader cryptocurrency market continues to stabilize, Uniswap’s native cryptocurrency UNI has made a strong move, gaining more than 17% and surpassing $10.
As of press time, Uniswap (UNI) is trading at $10.75 and its market cap has grown to $6.5 billion. Daily trading volume for UniSwap has also seen a 30% increase, surpassing $510 million.
The Uniswap (UNI) Price Rally
The main reason behind this uniswap price rally has been that the decentralized exchange (DEX) has taken a strong stand in its legal battle with the US Securities and Exchange Commission.
Popular decentralized exchange (DEX) Uniswap has vowed to challenge the US Securities and Exchange Commission (SEC) after receiving a well notice from the agency, asserting that the SEC’s case is “weak”.
On the other hand, current developments within the Ethereum ecosystem have also contributed to this price increase. On-chain data shows a massive whale retreat from crypto exchanges following news of the spot Ethereum ETF.
Uniswap (UNI) broke out of the 35-day consolidation phase this week, indicating a potential rally that could boost the token’s price by around 30%. Both technical indicators and on-chain data support this bullish outlook.
If the bullish momentum around Uniswap continues and the UNI price holds above $10.61, this could lead to further bullishness towards $12.80.
Santiment’s Age Consumed index supports the bullish outlook seen from a technical perspective. A rise in this index indicates that inactive tokens are on the move, often signaling short-term local tops or bottoms. Historically, for UNI, these spikes precede price increases. The latest rally on April 25 suggested that UNI is poised for an uptrend.
$1.2 Million In Liquidations
According to data from Coinalyze, over $1.2 million has been lost in the Unicip liquidation over the past 24 hours. Of these, over $780K of short positions have been liquidated while over $380K of UNI’s long positions have been liquidated.
Open interest has surged 38 percent to $120 million in the past 24 hours, indicating that bulls are taking the blame for the recent price rally.