Uniswap’s ($UNI) price rose about 4–5% over the past 24 hours on Tuesday, clawing back ground after a week of steady selling as traders rushed to cover shorts and fade what they saw as an overshoot to the downside.

$UNI spot prices hovered around $3.10–$3.20 during the European afternoon, up from the roughly $3.00 area printed earlier this week, but still far below the $4.00 handle seen around key governance headlines in late February and early March.

The move comes as Uniswap, an automated market maker and leading DeFi DEX whose governance token sits squarely in the DeFi/L1 infrastructure bucket, continues to trade as a high‑beta proxy on on‑chain liquidity rather than a pure idiosyncratic story.finance.

Historical data from Yahoo Finance shows $UNI closing near $3.10 on April 7 after marking $3.12 on April 5 and $3.17 on April 4, highlighting how compressed the absolute trading range has been even as percentage swings look dramatic intraday.

Kraken’s price page lists Uniswap at about $3.15, up 1.82% over the last 24 hours, with a circulating supply of roughly 633.6 million $UNI and a market capitalization just under $2.00 billion. WEEX cites a similar picture, showing $UNI at $3.11 with a 24‑hour volume of about $125.44 million and a market cap near $1.97 billion, reinforcing that today’s jump is happening inside a broader multi‑month range rather than breaking it.

Perps say short‑covering, not fresh conviction

Derivatives flows line up with the short‑covering narrative. While venue‑specific $UNI perp data remains fragmented, platforms tracking perpetuals across majors have flagged a broader pattern where perpetual trading volume has doubled over the past five months even as aggregate open interest only climbed about 50%, from roughly $13 billion to $18 billion before retracing back to $13 billion. That structure—more turnover relative to the open risk being carried—typically marks environments where traders are trading the range, not building long‑term positions, and $UNI’s latest pop fits neatly into that template.

Crypto.news’ recent coverage of Uniswap’s price around the dismissal of a four‑year scam‑token lawsuit, when $UNI traded near $2.83 after a 15% weekly rebound, framed the token as pushing toward the upper end of a $3.30–$4.12 band with a strengthening RSI but still stuck below prior breakdown levels. Another crypto.news story from late February, written as $UNI traded around $4.02 with an 18% weekly gain, tied that move to a fee‑switch expansion proposal that could lift protocol revenue toward $61 million annually and potentially justify a push toward the $4.55–$4.60 zone. Taken together with broader crypto.news reporting on Bitcoin’s recent slide and renewed risk jitters, $UNI’s last 12 hours look like textbook mean‑reversion in a liquidity‑sensitive DeFi token—powered by perp flows and dip‑buyers, but still waiting on sustained open interest and fresh governance catalysts before any new macro uptrend can credibly be declared.