The UNI token, native to Uniswap, the largest decentralized cryptocurrency exchange on the Ethereum network, has seen a significant increase along with the recent market surge. UNI token has shown one of the most growth in the market, with an impressive rally of over 18% in the past day. It is currently trading at $11.23, and there are indications of a potential surge to $12 in the near future.
Uniswap’s UNI has emerged as one of the top-performing tokens in 2024. Starting at $6 in February and peaking at over $15 in March, it dropped to $6.5 due to broader market downturns.
Following a challenging period in April, the UNI price recovered by gaining 40% in May. Over the past year, UNI has surged by 125%, solidifying its ranking as the 19th-largest coin by market capitalization. Uniswap’s current market cap stands at $6.74 billion on CoinMarketCap.
Why is Uniswap Going Up Today?
The sudden 20% increase in the Uniswap Protocol Token can be linked to various factors. There appears to be some positive progress happening behind the scenes at Uniswap that has not been publicly disclosed yet, as hinted by the team in a recent tweet on X, where they shared a video countdown along with the caption “Get ready for something Super.”
Irrespective of the nature of this revelation, supporters eagerly anticipate an upcoming collaboration, a new feature, or fresh developments from the Uniswap team that may have sparked investor enthusiasm, with some speculating updates on transaction fees and the potential for a community airdrop.
At the same time, this excitement followed another announcement from the Uniswap Foundation, which had chosen to delay the highly anticipated vote.
This vote was intended to bring the decentralized exchange a step closer to activating its “fee switch” and providing incentives to UNI token holders who staked and delegated their tokens.
The foundation explained that the decision to postpone the vote was prompted by a concern raised by one of the stakeholders about the proposal. This led the foundation to conduct further examination of the issue.
In the Uniswap DAO governance forum announcement, Erin Koen, the leading official overseeing the foundation, emphasized the importance of thorough scrutiny due to the immutability and sensitivity of the proposed upgrade
UNI Price Prediction
UNI’s price has recently surged above the $10.00 resistance mark. On the hourly chart of the UNI/USD pair, there is a breakout above a critical bearish trend line, with resistance around $10.35. The price climbed above the $11.80 resistance level before retracing slightly to approximately $11.20 currently.
The next significant resistance to watch for is around the $12.00 level. A breakthrough above $12.00 could signal further upward movement.
The subsequent significant resistance may be around $12.20. If surpassed, the bulls will likely target a test of the $12.50 level. Further upward movement could drive UNI toward $13.50. However, if the UNI token price fails to surpass $11.95 or $12.00, a downward correction may occur. The initial notable support is located near the $11.00 level.
