- Uniswap price rallies as whales have been moving coins off the exchanges in large numbers.
- More than $820K in short liquidations happened in the last 24 hours.
- Uniswap’s legal battle with the U.S. SEC is a significant factor in the price surge.
Uniswap price surges amid whale activity and legal battles, setting the stage for potential further gains.
Uniswap Price Rally Driven by Whale Activity
While the broader cryptocurrency market continues to consolidate, Uniswap’s native cryptocurrency UNI has made a strong move, rallying more than 17% and shooting past $10. As of press time, the Uniswap (UNI) price is trading at $10.75, with its market cap surging to $6.5 billion. The daily trading volume for Uniswap has also seen a 30% jump, shooting past $510 million.
Legal Battle with the SEC
The major reason behind this Uniswap price rally has been that the decentralized exchange (DEX) has initiated a firm stand in its legal battle with the U.S. Securities and Exchange Commission (SEC). Uniswap has pledged to challenge the SEC after receiving a Wells notice from the agency, asserting that the SEC’s case is “weak.”
On the other hand, the current developments within the Ethereum ecosystem have also contributed to this price surge. On-chain data shows that there have been massive whale withdrawals from crypto exchanges after the spot Ethereum ETF news.
Technical Indicators and On-Chain Data
Uniswap (UNI) has broken out of a 35-day consolidation phase this week, indicating a potential rally that could boost the token’s price by approximately 30%. Technical indicators and on-chain data both support this bullish outlook. If the bullish momentum around Uniswap continues and the UNI price sustains above $10.61, it can lead to a further rally all the way to $12.80.
Santiment’s Age Consumed index supports the bullish outlook observed from a technical perspective. Spikes in this index indicate that dormant tokens are on the move, often signaling short-term local tops or bottoms. Historically, for UNI, these spikes have preceded price rallies. The latest increase on April 25 suggested that UNI was poised for an uptrend.
$1.2 Million In Liquidations
As per data from Coinalyze, more than $1.2 million in Uniswap liquidations have happened in the last 24 hours. Of these, more than $780K short positions have been liquidated while more than $380K of UNI long positions have been liquidated. The open interest has shot up by 38% in the last 24 hours to $120 million, showing that the bulls are taking charge of the recent price rally.
Conclusion
Uniswap’s recent price surge can be attributed to significant whale activity and its ongoing legal battle with the SEC. With technical indicators and on-chain data supporting a bullish outlook, UNI could see further gains if the current momentum continues. Investors should keep an eye on these developments as they could set the stage for future price movements.
