$UNI Price Prediction: Standard Chartered's Geoff Kendrick Thinks $100 Target May Be Too Low

The Uniswap token price has been gaining attention due to Standard Chartered's Geoff Kendrick predicting it may reach $100. However, Kendrick thinks his own target might be too low.

Uniswap's protocol revenue has been averaging around $244,222 per day since July 27, which is approximately 2.4 times the pace before that. This increase in revenue has all been going towards buying and burning UNI tokens.

Kendrick believes this burn rate may be unsustainable at current prices. Around 60% of the revenue comes from Robinhood Chain, which went live on July 1. Two Uniswap fee proposals were recently executed.

The technical analysis chart shows $UNI is trading at around $3.4699 after a sharp breakdown from an ascending trendline that had held since early August. The RSI (Relative Strength Index) sits at 33.81, closer to oversold than overbought, which fits with the recent sharp drop.

According to CoinGabbar analysts, the Standard Chartered call has added fresh attention to $UNI, but the chart still needs to catch up before that optimism shows up in price.