Uniswap Breaks Ascending Channel, Eyes $10 Target

Uniswap (UNI) has broken out of its multi-week ascending channel and closed above it in the last session, sparking interest among traders. The token's market valuation is now shaping up with a circulating supply of 622.79 million $UNI out of a total supply of 890.04 million.

The derivatives market is also showing a bullish skew, with Binance's UNI/USDT long/short ratio at 1.7586 and open interest jumping to $478.58 million. This has led to a significant increase in short positions being liquidated.

On-chain data shows that Uniswap currently has 389,121 token holders, with an on-chain market cap near $5.75 billion based on total supply. Distribution remains fairly concentrated, with the top 100 wallets holding roughly 82.35% of supply.