- Uniswap (UNI) shows strong bullish momentum after a 26% rally, backed by rising TVL, volume, and open interest.
- A confirmed double-bottom breakout targets a 20% upside toward $7.38, as long as support at $6.04 holds.
Uniswap (UNI) is turning heads in the crypto market after a powerful surge of over 26% on Thursday, stabilizing at around $6.18 on Friday. This renewed momentum, supported by strong on-chain data and bullish technical indicators, suggests a potential trend reversal is underway.
On-chain metrics paint an optimistic picture for UNI holders. According to DefiLlama, Uniswap’s Total Value Locked (TVL) jumped from $4.05 billion on Tuesday to $4.58 billion by Friday—its highest level since late February. This rise highlights increasing user participation and confidence in the protocol.
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Token volume on the Uniswap network also surged to nearly $500 million on Friday, a level not seen since February. This uptick in trading activity indicates growing interest from both retail and institutional players. Adding to the bullish case, Coinglass data reveals that Open Interest (OI) in UNI futures climbed to $359 million—up from $240 million earlier in the week—suggesting fresh capital and heightened speculative interest in UNI.
From a technical standpoint, UNI has broken out of a double-bottom formation, a classic bullish reversal pattern. After finding firm support at $4.77 twice in recent weeks, UNI rallied and decisively broke above its neckline resistance at $6.04 on Thursday. This breakout confirms the pattern and implies a target price near $7.38—around 20% higher than current levels.
Momentum indicators are aligned with the bullish narrative. The daily Relative Strength Index (RSI) reads 64, comfortably above the neutral 50 level, signaling strong buying pressure. Meanwhile, the MACD indicator shows a bullish crossover, reinforcing the potential for further gains.
However, traders should watch the $6.04 support closely. A breakdown below this level could invalidate the bullish setup and push UNI back toward the $4.77 support.
With rising liquidity, strong technicals, and surging investor interest, UNI appears poised for a bullish continuation—provided it holds key support levels.