based on materials from the site - By CoinPedia News
Uniswap (UNI), one of the leading tokens in decentralized finance (DeFi), is in the spotlight today. The token's value surged by more than 20% in just 24 hours, surprising many traders and prompting them to consider the reasons for this rally. So, what caused this sudden spike?
Let's figure it out.
Why UNI is on the rise today
In the last 24 hours, UNI has risen by more than 20%, climbing from around $7.65 to nearly $11 before stabilizing at $10.78. This strong increase is accompanied by a sharp rise in trading volume, exceeding $1.5 billion, making UNI one of the most dynamic cryptocurrencies of the week.
Additionally, the main reason for the increase in UNI is the revival of the DeFi market. After several months of low activity, funds are returning to established DeFi platforms, and Uniswap, being one of the largest decentralized exchanges, is benefiting the most from this.
Whales are the driving force of the rally
Another important factor is the aggressive buying from large investors, also known as "whales." Data shows that the share of "whales" in UNI has increased by nearly 68% over the past month, indicating high confidence among institutional players.
At the same time, the DeFi market is gaining momentum again, and the total locked value of Uniswap (TVL) has exceeded $5.71 billion. Meanwhile, retail traders are joining in: open interest in the Uniswap futures market has risen by 26.5%, which is a clear sign of growing demand and positive sentiment.
Experts predict a threefold increase
Meanwhile, market experts remain optimistic about UNI. Li Hua, the founder of LD Capital, recently noted that UNI could have "more than a threefold growth potential compared to the previous historical high."
He added that if the bullish trend of Ethereum continues, Uniswap could become one of the most attractive leveraged cryptocurrency investments.
UNI price analysis
Recently, UNI broke key resistance levels, triggering a wave of new purchases. After such a sharp jump, some analysts expect short pullbacks or sideways movement as the market stabilizes.
In the long term, bullish targets remain high. Experts believe that UNI could reach $14.45 and possibly rise to $20 if the DeFi market as a whole continues to grow. The next serious challenge for UNI will be to overcome the psychological mark of $11 and maintain momentum towards $12.
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