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Uniswap price analysis is on track to do something it has not done since 2022. UNI, its ecosystem token is in its sixth straight week in the green as the crypto boom continues. It has surged to $16, its highest point since January 17th 2022. According to TradingView, it has jumped by 400% from its lowest point in 2023.
Uniswap volume is soaring
Uniswap token is soaring because of the ongoing crypto bull run that has led to more activity in its ecosystem. Data compiled by CoinGecko shows that the volume traded in its ecosystem has jumped sharply, helping it to consolidate its role in the industry.
Uniswap V3 on Ethereum handled cryptocurrencies worth over $3.27 billion in the past 24 hours. Its V3 on Arbitrum processed $1.3 billion while its V2 on Ethereum had over $536 billion. Across all chains, the platform processed cryptocurrencies worth over $5 billion.
Uniswap, other DEX tokens, and stocks tend to do well when there is strong volume. For example, top tokens like DYDX, JUP, and Orca have all soared in the past few weeks. Similarly, Coinbase has gained by over 200% in the past 12 months.
Uniswap price is also soaring as investors react to the recent community vote that will lead to returns to UNI holders. There is a high possibility that the proposal will pass the community vote.
It is worth noting that Uniswap is one of the most profitable players in the crypto industry. According to TokenTerminal, the network had over $620 million in revenues, making it the fifth biggest platform in revenues. Only Ethereum, Tron, Bitcoin, and Lido made more money.
Uniswap could generate more revenues in the coming months as the developers plan to launch an extension that will make it easy for users to buy and sell coins.
We want to give Uniswap users early access to the Uniswap Extension 👀
— Uniswap Labs 🦄 (@Uniswap) March 3, 2024
So we're trying something new…
When you claim a uni.eth username in the mobile app, you automatically join the waitlist for early access to the Uniswap Extension 🦄
Uniswap price forecast
UNI chart by TradingView
The weekly chart shows that the UNI price formed a strong bottom at $4. It failed to move below that level several times during the crypto winter. Now, the token has crossed the important resistance level at $9.74, its highest point in July 2022.
The coin has now jumped above the 23.6% Fibonacci Retracement level, which is a positive sign. It has also risen above the 50-week moving average. Therefore, the path of the least resistance for the coin is bullish, with the next target being the 50% retracement point at $25.65. This target is about 55% above the current level.
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