Uniswap Price Breaks Ascending Channel, Eyes $10 Target

Uniswap's price has been on an upward trend over the past week, breaking out of its ascending channel on the 4-hour chart. The token is currently trading at $6.248, with a market capitalization of $3.88 billion and a circulating supply of 622.71 million UNI against a total supply of 889.96 million.

The derivatives data from Coinglass shows that traders are leaning bullish, but not without nuance. The Binance UNI/USDT long/short ratio is at 1.4172, while OKX shows a more cautious reading of 0.81. Open interest has climbed to $553.81 million, up from around $488.73 million within the same session.

The on-chain picture reveals that ownership is fairly concentrated, with the top 100 addresses holding about 82.33% of the supply. Large holders can meaningfully sway price swings, which is something this Uniswap price prediction keeps in mind when weighing how sustainable the current move is.