Uniswap Token UNI Jumps 11.58%, But Is Rally Sustainable?

Uniswap's governance token UNI has seen a sharp price increase of 11.58% over the past 24 hours, reaching $4.91. This rally is driven by high trading volume but lacks any confirmed protocol news. However, on-chain data suggests that there may be potential sell pressure rather than strong accumulation, as about 90% of the volume is flagged as wash trading.

This indicates limited genuine demand behind the move. Traders should watch for a reversal in exchange flows and whether UNI holds above its market-maker breakeven at $4.63 to assess if the rally can sustain.