Uniswap Price Pulls Back 8.69% Amid Record On-Chain Activity

Uniswap's UNI token suffered an 8.69% price pullback after recent buyback-fueled gains, despite record on-chain activity driven by ongoing protocol fee-sharing and token burns.

The near-term downside move is limited due to the strong bullish structure, with UNI holding above all major moving averages.

Uniswap's fee-sharing mechanism has removed over 107.5 million UNI tokens from circulation, averaging $90 million in annual buybacks, while protocol activity reached record highs with over 7 million daily swaps and tripled spot trading volumes.

The strong bullish momentum is supported by indicator signals, with an expected 5-day range of $4.711 to $7.012, but overbought conditions suggest the risk of a short-term pullback is rising.