Uniswap (UNI) set for 45% rally, on-chain metrics confirmed

In this bull run, most of the top cryptocurrencies have already experienced a significant upward movement. Meanwhile, Uniswap (UNI) stands out as one of the top cryptocurrencies to emerge from the recent bullish price action pattern, with plenty of room for significant upside in the coming days.

Driving UNI's growth traders and Wales

Currently, traders and investors have shown strong interest in the token, according to chain analytics companies Coinglass and IntoTheBlock, suggesting potential momentum and buying opportunities.

Increasing open demand

According to Coinglass data, UNI's Open Interest (OI) increased by 25% in the last 24 hours, and for the first time since April 2024, the value reached $188.07 million. This significant growth in OI suggests strong trader participation, which may be driven by bullish market sentiment.

Well and institutional participation

IntoTheBlock reports that in addition to the recent trading activity, Wells and institutions have also actively participated in the token. According to the latest data, the maximum trading volume of UNI Token has increased by 45% in the last 24 hours.

Growing open demand and large trading volume suggest optimism for the stock and potential for further gains.

UNI technical analysis and upcoming levels

According to CoinPedia technical analysis, UNI has broken out of an inverted head and shoulders price action pattern. However, the formation of this bullish pattern occurred after the UNI experienced a long divergence from the descending triangle price action pattern.

Both breakouts suggest significant upside in the coming days. Based on recent price action and historical price progress, there is a possibility that UNI could rise by 50% to reach the $16.20 level in the coming days.

However, UNI may face some hurdles 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) indicate potential upward momentum and indicate that the asset is at a higher level.

Current price momentum

At press time, UNI is trading near $11 and has experienced a price rally of over 16% in the last 24 hours. At the same time, the trading volume increased by 40 percent, indicating a higher participation of traders and investors compared to the previous day.