During this bull run, most top cryptocurrencies have already experienced notable upward momentum. Amid this, Uniswap (UNI) stands out as one of the top cryptocurrencies to recently break out of a bullish price action pattern, with plenty of room to rise significantly in the coming days.
Traders and whales driving UNI’s growth
Currently, traders and investors have shown strong interest in the token, as reported by on-chain analytics firms Coinglass and IntoTheBlock, suggesting potential upside momentum and buying opportunities.
Increasing open interest
According to Mint glass According to data, UNI’s Open Interest (OI) has skyrocketed by 25% in the past 24 hours, reaching $188.07 million for the first time since April 2024. This significant increase in OI indicates strong trader participation, possibly driven by bullish market sentiment.
Whale and institutional involvement
In addition to the recent trading activity, whales and institutions have participated heavily in the token, as reported by IntoTheBlock. Recent data highlights that the high transaction volume of UNI tokens has increased by 45% in the last 24 hours.
The growing open interest and high transaction volume suggest a bullish outlook for the token and further indicate a potential opportunity to accumulate.
UNI Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, UNI has broken the bullish inverse price action pattern head and shoulders. However, the formation of this bullish pattern occurred just after UNI experienced a long breakout from the descending triangle price action pattern.
Both breakouts indicate significant upside momentum in the coming days. Based on the recent price action and historical price momentum, there is a high probability that UNI could rise by 50% to reach the $16.20 level in the coming days.
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 upside momentum and indicate that the asset is in an uptrend.
Current price momentum
At the time of writing, UNI is trading around $11 and has experienced a price increase of over 16% in the last 24 hours. During the same period, trading volume increased by 40%, indicating greater participation from traders and investors compared to the day before.
