Uniswap Breaks Trendline, Eyes $8 Target

Uniswap's (UNI) price has broken through a multi-year descending trendline, and the token is now trading near $6.25, up 6.91% on the day.

This breakout was confirmed by an August retest of the trendline, which had been in place for several years.

According to analysts, Uniswap's price prediction remains bullish above $5.84, with a target of $7 and then $8.

The token's performance is also being supported by Unifification buybacks, which are estimated to burn around $90 million in UNI each year, equivalent to about 2.8% of the total supply.