Uniswap Price Skyrockets as Robinhood Chain Adoption Surges
Uniswap (UNI) has been on a roll, with its price increasing by 11.36% in the last day to $3.716. This upward momentum is largely driven by the growing adoption of the protocol on Robinhood Chain, which has seen $638.5 million in tokenized stock trading volume over the past 90 days.
This represents a whopping 99% market liquidity share, with total value locked approaching $1 billion. As a result, protocol fees from this activity are being used for UNI token burns, directly linking Robinhood Chain growth to reduced UNI supply.
The technical analysis suggests that UNI/USD is likely to remain within the $3.312 to $3.8479 range over the next 2-3 days, with a bullish scenario confirmed if resistance is breached. Momentum indicators are strong, with MACD signals a Strong Buy and ADX showing Buy.
However, RSI registers at 59.45, indicating moderate bullish momentum, while Stoch RSI signals Oversold and CCI stands Neutral, suggesting mixed signals on short-term overextension.