Uniswap (UNI) Poised For 45% Rally, On-Chain Metrics Confirm
Chandan Gupta23 Nov 20242 min read
In this bull run, the majority of top cryptocurrencies have already experienced notable upside momentum. Amid this, Uniswap (UNI) stands out as one of the top cryptocurrencies that recently broke out of a bullish price action pattern, with much room to soar significantly in the coming days.
Traders and Whales Driving UNI’s Growth
At present, traders and investors have shown strong interest in the token, as reported by on-chain analytics firms Coinglass and IntoTheBlock, which suggest potential upside momentum and buying opportunities.
Rising Open Interest
According to Coinglass data, UNI’s Open Interest (OI) has skyrocketed by 25% in the past 24 hours, and for the first time since April 2024, its value has reached $188.07 million. This significant rise in OI suggests strong trader participation, potentially driven by bullish market sentiment.
Whale and Institutional Involvement
In addition to recent trader activity, whales and institutions have strongly participated in the token, as reported by IntoTheBlock. Recent data highlights that the large transaction volume of UNI tokens has soared by 45% in the past 24 hours.
The growing open interest and large transaction volume suggest a bullish outlook for the token and further hint at a potential opportunity to accumulate.
UNI Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, UNI has broken out of a bullish inverted head and shoulders price action pattern. However, the formation of this bullish pattern occurred just after UNI experienced a long breakout from the descending triangle price action pattern.
Both breakouts hint at significant upside momentum in the coming days. Based on the recent price action and historical price momentum, there is a strong possibility that UNI could soar by 50% to reach the $16.20 level in the coming days.
However, there might be some hurdles UNI could 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 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, its trading volume jumped by 40%, indicating heightened participation from traders and investors compared to the previous day.
