During this bull market, most of the top cryptocurrencies have already experienced notable upward momentum. Meanwhile, Uniswap (UNI) stands out as one of the best cryptocurrencies that has broken out of its recent bullish price action pattern, with plenty of room for significant upside ahead.
Traders and whales drive UNI’s growth
According to reports from on-chain analytics firms Coinglass and IntoTheBlock, traders and investors have currently shown significant interest in the token, suggesting potential upward momentum and buying opportunities.
Increase in open interest
UNI’s open interest (OI) has surged 25% in the past 24 hours, reaching $188.07 million in value for the first time since April 2024, according to Coinglass data. This sharp rise in OI suggests strong trader participation, potentially driven by bullish market sentiment.
Whales and institutional participation
In addition to recent trader activity, whales and institutions have also been active in the token, as reported by IntoTheBlock. Recent data shows that UNI token massive trading volume has increased by 45% in the last 24 hours.
Increasing open interest and large trading volume suggest a bullish outlook for the token and hint at potential accumulation opportunities.
UNI technical analysis and future levels
According to CoinPedia’s technical analysis, UNI has broken out of a bullish inverse head and shoulders price action pattern. However, the formation of this bullish pattern occurred shortly after UNI broke out of its long descending triangle price action pattern.
Both breakouts suggest significant upward momentum ahead. Based on recent price action and historical price momentum, it is likely that UNI will surge 50% in the coming days and reach the $16.20 level.
However, there may be some hurdles that UNI may face in the coming days, with $12 acting as a resistance level.
Apart from this, technical indicators such as the Relative Strength Index (RSI) and the 200 Exponential Moving Average (EMA) suggest potential upward momentum and indicate that the asset is in an upward trend.
Current price momentum
As of press time, UNI is trading near $11 and has experienced a price rally of over 16% in the past 24 hours. During the same period, trading volume surged by 40%, increasing the participation of traders and investors compared to the previous day.