Uniswap Bulls Eye $10 Target as Price Hits Three-Day High

The Uniswap (UNI) price has been rising for three consecutive days, pushing it closer to its yearly highs. The token's value has surged by over 45% in the past week and is currently trading around $6.27.

This increase can be attributed to several developments that have renewed interest in the token. Uniswap processed a record number of swaps, with over 7 million trades taking place in a single day. This sharp increase in user activity has been fueled by rising network activity and is giving the rally a stronger fundamental backdrop.

The recent surge in Robinhood Chain's DEX volume to $1.67 billion in 24 hours has also contributed to Uniswap's trading activity, with Uniswap V3 and V4 together handling over $1.17 billion. As a result, Uniswap is generating more fees, which further strengthens the fundamental case for the token.

With usage, trading volume, and fee generation all moving higher, the current UNI price rally has a stronger foundation. The bulls are testing key resistance near $6.30, and a decisive daily close above this level would confirm a breakout from the rounded-bottom pattern and shift the broader trend in favor of the bulls.

The OBV is recovering sharply alongside the price, suggesting improving buying pressure. However, if UNI faces a rejection, it may trigger a correction. A confirmed breakout above the current range could expose the price to $8.63 and eventually $10.15.