Uniswap Price Skyrockets to $10.96 as Open Interest Hits Record High

Uniswap's price continues to soar as it tests $10.96, a key Fibonacci extension level. The token has gained 17.49% in the past 24 hours and 64.05% over the last seven days.

The daily trading volume has reached $2.45 billion, with its market capitalization standing at approximately $6.47 billion.

The rally has pushed Uniswap above several major technical levels, including the 20-day and 50-day exponential moving averages (EMAs) of $7.63 and $6.10, respectively.

Rising open interest has also been observed in the derivatives market, reaching a new yearly high of $971.14 million. However, elevated leverage can amplify market swings and increase volatility if the breakout fails.