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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 18, 2024 07:03 UTC
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Uniswap Price Rally: Can UNI Double Again in 2024?
Uniswap (UNI) surges 160% since November, attracting institutional interest.
On-chain data shows whale activity and exchange inflows, suggesting potential consolidation or profit-taking.
Strong fundamentals and bullish technical indicators point to further price appreciation for UNI and the DeFi sector.
After an impressive rally in November that signaled strong bullish sentiment, Uniswap (UNI) has entered a two-week consolidation phase, offering new buyers an entry point. With a fully diluted valuation of around $16.5 billion and a daily trading volume of about $657 million, this mid-cap altcoin is drawing significant attention from institutional investors. After all, what’s better than a diversified portfolio?
As market momentum builds, UNI’s recent price action and whale activity suggest that something big might be brewing.
Digging Into Uniswap’s November Breakout
Uniswap, a DeFi-focused and utility-driven token, has surged over 160% since the beginning of November. This rally pushed UNI past its previous resistance at $16.5, reinforcing optimism in the market. The UNI/BTC pair is also showing early signs of a trend reversal, coinciding with the altseason’s anticipated parabolic phase.
Whale Activity and Exchange Deposits
Recent on-chain data from Santiment shows that more than 800,000 UNI tokens, worth over $13 million, have been deposited into various crypto exchanges in just two days. Today, a major whale holding $89 million in crypto transferred 1.49 million UNI, valued at $24 million, to Binance.
Earlier this week, Uniswap’s team made headlines by transferring nearly 5 million dormant UNI tokens to Coinbase Prime. These tokens, untouched for over 4 years, have raised speculation about the team’s potential strategic moves.
Key Targets and Levels
UNI is currently retesting a critical resistance level above $16, which could act as a springboard for its next bullish phase. On the weekly chart, the Relative Strength Index (RSI) recently climbed above 70% for the first time this year, signaling renewed strength in UNI’s upward trend.
If a short-term correction occurs, analysts expect UNI to find strong support above $14 before continuing its bullish momentum.
- Also Read :
- Crypto Market Live: Markets Consolidating as BTC, ETH & Others Plunge Hard While PENGU & BGB Prices Surge
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On higher time frames, UNI appears well-positioned for a potential 100% gain in the near term, provided market conditions remain favorable.
Uniswap and the Market
The growing bullish sentiment for Uniswap is expected to boost the entire DeFi ecosystem, which now has a market cap of over $138 billion and a daily trading volume of $11.4 billion. Tokens tied to both centralized exchanges (CEXs) and decentralized exchanges (DEXs) are showing signs of an imminent breakout, with many market watchers predicting new all-time highs for the sector.
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With UNI holding its ground and DeFi soaring to new heights, the market is braced for what could be a game-changing season ahead.
FAQs
The price of UNI might propel to a maximum of $24.83 in 2024.
The price of the altcoin could surge to its potential high of $30.94 during 2025. With a potential surge, the UNI price may reach $89.24 by 2030.
Yes 
No 
