Uniswap [UNI] price prediction – Traders, expect THIS after altcoin’s 14% hike!

Uniswap [UNI] has captured the market’s interest due to its sudden price surge and the rise in its network activity, sparking discussions about its enduring bullish outlook in the DeFi sector. Currently, UNI is being traded at $14.60, with a daily increase of 14.33%.

With this price surge and the growing user activity, there is speculation about whether Uniswap can maintain its upward trend in the coming period.

Signs of Potential Price Breakout in Action

The price charts of Uniswap show a definite upward trajectory, as UNI approaches the crucial resistance level at $17.12 while maintaining strong support at $12.60. Key indicators like the Average Directional Index (ADX) sitting at 39.72 suggest a robust trend, while the Moving Average Convergence Divergence (MACD) indicates a slight bearish divergence.

Despite this, the overall market sentiment remains positive. Predictions are pointing towards a possible breakout reaching $20. A successful breach of this resistance level could signify the beginning of a prolonged bullish phase.

Increasing Adoption Rates According to Address Stats

Statistics related to addresses reveal a surge in network activity, with active addresses rising by 23.94% and new addresses growing by 8.42% in the past week. This increase in engagement indicates a growing interest in UNI, particularly due to its utility in the DeFi sector.

Hence, the strong user participation aligns with the price surge, indicating a sense of confidence among both users and investors.

Positive Trends Evidenced by UNI Transactions and Exchange Reserves

The total number of transactions on Uniswap increased by 1.12% in the last 24 hours, reaching 6.7K according to CryptoQuant’s data. While this rise may seem modest, it demonstrates consistent network activity. Furthermore, exchange reserves decreased by 0.64% during the same period, indicating a decrease in selling pressure.

This drop suggests that holders are optimistic about potential profits and have refrained from selling their tokens. Consequently, the reduced reserves strengthen the chances of a sustained upward movement in prices.

Market Sentiment and Open Interest for UNI

The market sentiment is also leaning towards a bullish stance, with Open Interest climbing by 5.67% to $264.24 million. This increase reflects heightened speculative interest, signifying confidence in the short-term potential of UNI.

Moreover, such growing interest has historically been linked to significant price changes, further supporting the case for a prolonged uptrend.

Can Uniswap Maintain its Current Momentum?

Uniswap appears to be on the verge of further growth. With strong price movements, increasing adoption rates, and reduced selling pressure, UNI could be well-positioned to surpass the critical resistance level at $17.12.

If this scenario unfolds, a surge towards $20 or even higher becomes increasingly plausible.