Uniswap Breaks Above $4, But Bears Emerge at $4.60

Uniswap's price surged over 10% in recent days, outperforming most other top-capped DeFi protocols. The altcoin broke above a key resistance zone of $4-$4.60, but bears are now fighting back at this level.

The rally was driven by institutional and whale buying, with an anonymous wallet withdrawing over 222K UNI tokens worth more than $960K after eight months of inactivity. This wallet has continued to accumulate UNI, bringing its total holdings to 4.837 million, valued at $22 million.

The burn rate on Uniswap also hit new milestones, with the altcoin recording its biggest daily burn in USD totaling about $590K on August 21st. Ethereum contributed $267K of these fees, while Base and Robinhood Chain accounted for $165K and $87K respectively.