Uniswap's UNI Token Surges 18% in 24 Hours, Breaks $10 Mark

Uniswap's native token, UNI, has recently surged over 18% in the last 24 hours, with the $10 mark emerging as a significant level. This price movement has positioned UNI as one of the best-performing tokens among the top 100 cryptocurrencies by market capitalization. The surge in price has been backed by increased volume on both decentralized exchanges (DEX) and centralized exchanges (CEX), indicating strong market interest and momentum.

Whales, who control about 50% of the UNI supply, have played a significant role in this price movement. Despite a whale taking profit by liquidating 662,606 UNI tokens, which amounted to approximately $1.87 million, the overall momentum of UNI remained strong. This whale had previously made a profit in excess of $13 million, highlighting the substantial gains made by large holders. The price of UNI breaking above $10 suggests that the token could be poised for further gains.

The recent price action of UNI has broken out of a broadening wedge pattern that began forming on May 10. While this breakout suggests bullish potential, traders are advised to exercise caution until the price confirms its direction. There is a possibility that this move could be a false breakout, so traders may wait for confirmation before placing long bets. The 24-hour trading volume has surged from $52 million at the start of July to $288 million, signaling rising market interest and momentum.

A retest of the broken resistance at the $10 level, followed by a bounce above it, would confirm a bullish continuation for UNI. Alternatively, if the price respects its previous channel, Uniswap could enter a short-term correction. Despite this uncertainty, UNI remains bullish, with its on-chain activity rising, signaling growing investor interest and network engagement. Uniswap’s blockchain, Unichain, has also continued to gain momentum, with its DEX volume reaching $718.52 million as of press time. This volume was higher than the previous day’s, despite being hours away from the close, indicating increased trading activity.

Traders were more active in the month of May, cooled off in June, but seem to be resuming in July with more volume coming in. The $10-level is a critical threshold for UNI's future. A successful retest and bounce above this level would confirm a bullish continuation, while a failure to do so could signal a potential pullback. As the cryptocurrency market continues to evolve, UNI's price movements will be closely watched, with the $10-level serving as a key indicator of its future trajectory.