The price of Uniswap (UNI) has seen a notable increase recently after a resurgence in market momentum. The coin has risen by over 17% in 24 hours, boosting investor confidence.
It seems that technical patterns and regulatory shifts are fueling this rise. Analysts indicate a potential long-term increase if the key conditions continue.
●▪︎ Uniswap's technical setup indicates a significant breakout
Uniswap is approaching the upper boundary of an expanding ascending wedge pattern, a model it has been following for three years.
Chart watchers, including analysts from Bitcoinsensus, noted that this pattern often ends with strong upward movements. Historically, 70% of these patterns lead to price reversals and breakouts.
The token is currently trading at around $8.40, with the next resistance area expected near $10. If the price of the currency continues to follow a wedge pattern, the path to $27.40 remains possible. This target reflects a potential increase of 240% if the upward momentum continues into what many call the upcoming decentralized finance (DeFi) season.
The momentum behind UNI's price may also be linked to recent political developments. On June 10, SEC Chairman Paul Atkins proposed an 'innovation exemption' for decentralized finance protocols.
This represents a shift from previous positions and may alleviate legal concerns surrounding decentralized platforms.
This move has restored investor confidence in decentralized finance markets. Traders see this clarity as a catalyst for a broader recovery in the sector. According to Bitcoinsensus, the narrative and structure are now aligned in a way that supports long-term appreciation.
●▪︎ Uniswap's trading volume and market sentiment fuel the rise
Uniswap's trading volume has risen by over 139% in the past 24 hours, indicating strong market interest. According to CoinGecko, the price of the coin ranged between $7.09 and $8.61, showing high daily activity. Over the past week, the price has increased by nearly 24%.
Data from CoinCodex at the time of publication shows that market sentiment towards UNI remains positive. The fear and greed index is at 71, indicating greed and increased buying interest. Uniswap has recorded 16 green days out of the past 30 days, demonstrating ongoing strength.
With the current momentum, short-term forecasts suggest that Uniswap could reach $11.20 by mid-July. Long-term forecasts indicate a potential range of $8.57 to $19.38 in 2025.
As market watchers like Ali, a chart analyst, noted, UNI appears to be targeting the $10 level. If momentum continues and decentralized finance (DeFi) adoption rises, UNI may enter what traders call the 'banana zone', a term used to denote equivalent moves during bullish cycles.#StrategyBTCPurchase
