Uniswap Breakout Gains Steam as CME Futures and Whale Accumulation Fuel Rally
Uniswap (UNI) has broken out of its year-long price base, gaining over 15% to trade above USD 10.
The breakout was fueled by whale accumulation and the CME Group's planned launch of regulated Uniswap futures on October 19. Tracked whale wallets bought nearly USD 4 million worth of UNI through on-chain transactions.
According to on-chain wallet data, close to USD 4 million in UNI purchases were made by tracked whale addresses as the token recorded a sharp daily price advance. The buying occurred as UNI moved above levels that had contained price action during its extended base.
The technical structure of the chart shows a rounding-bottom formation that developed across several months, with UNI pushing beyond important resistance with a strong daily candle as trading activity accelerated.