Uniswap Price Breakout Sets Stage for Potential Rally
Uniswap's price has been steadily climbing inside an ascending channel since late August. Recently, it pushed to a fresh high near $9.25 before easing slightly to $9.1303 today.
A trader named EinsteinBTC1 called attention to Uniswap breaking out of a 2-year descending channel on the weekly chart, describing this as a structural shift rather than a random pump. The post pointed to Robinhood Chain as the driver, with Uniswap reportedly controlling 98% of DEX volume on that chain.
According to EinsteinBTC1, if $6.24 holds, a bigger rally toward $20 to $30 is on the table, while losing that level would invalidate the setup. This is based on the record single-day burn of 184,000 UNI, with 150,000 tied to Robinhood Chain activity.
A separate post from 0xc06 noted that exchange reserves have hit a record 113.9 million UNI, with Binance alone holding over 73 million. At the same time, fresh wallets have been accumulating, picking up 782,000 UNI worth roughly $7M this week and another wallet adding 269,000 UNI worth about $2.8M.