Uniswap Token UNI Sees Record Burn Amid Bullish Recovery

Uniswap's native token, UNI, is showing renewed bullish momentum as buyers defend key support levels and push the price toward significant resistance zones. Technical indicators are strengthening due to on-chain activity, protocol earnings, and token burns increasing. This suggests a strong recovery phase for Uniswap.

The token's price has jumped 3.36% in the past day, reaching $7.08 with a 24-hour trading volume of $519.31 million and a total market capitalization of $4.42 billion. According to Rekt Capital, UNI surged about 57% after retesting a key support area, reinforcing a shift in short-term market structure.

Rekt Capital highlighted that this successful support retest is a significant technical indicator underpinning UNI's ongoing recovery, noting a clear change in sentiment among market participants. This momentum follows earlier signals from August when UNI reclaimed a crucial level, setting up expectations for an advance toward its long-term descending trendline.

With the price near a descending trendline, a crucial resistance where sellers may attempt to slow further gains, a decisive breakout above this resistance could pave the way for acceleration toward the $10 price target. Token burns have also increased, with Uniswap's daily UNI token burn exceeding $1 million for the first time on September 4, with 184,000 UNI burned, reflecting a value of $1.15 million.