Uniswap Price Breaks Above Descending Trendline, Targets $7-$10
Uniswap's price has broken above a multi-month descending trendline, putting $7 and $7.50 in focus. The breakout comes after UNI recovered from its June low around $2.80 and is currently trading near $6.27.
A large wallet accumulated approximately 294,680 UNI worth $1.7 million at an average price of $5.76. This accumulation occurred near the region where UNI reclaimed its value during its latest rally.
The expansion of Uniswap across 47 chains, with Robinhood Chain contributing roughly 66% of Uniswap's fees, is providing a fundamental catalyst for the price breakout. Continued trading volume and liquidity on Robinhood Chain would strengthen Uniswap's multichain growth profile and provide additional support for the protocol's broader DeFi position.
UNI is now approaching the $7-$7.50 resistance band. A daily close above $7 followed by a successful retest would confirm the breakout and shift the immediate structure toward higher highs, with potential targets including $8 and the $10 psychological level.