Uniswap continued its strong rally, rising for three straight weeks, and reaching its highest level in three years.
Uniswap (UNI), the biggest player in the decentralized exchange industry, jumped to $18.38, up by over 400% from its lowest level in 2023.
Crypto analysts are optimistic that the coin will continue rising, and even reach its all-time high of near $45. Such a move would imply a 135% from the current level.
In an X post, Sus Ape, a crypto analyst, identified a few catalysts that may help the coin jump to a record high.
First, he sees Unichain as a gamechanger in the network’s evolution. Unichain, which is set to launch soon, will be its layer-2 network and will have features like multi-chain token spending, instant transactions, and significantly lower fees. Cryptocurrencies often rally ahead of a major event or launch.
Ape also sees the upcoming Uniswap Router V4 launch, which will happen before the year ends. The fourth version will enable hooks, dynamic fees, and have a singleton design.
Uniswap price will also benefit from the recent election of Donald Trump, and his decision to appoint Paul Atkins to be the next head of the Securities and Exchange Commission. Atkins may decide to drop charges the agency brought under Gary Gensler, in which it was accused of selling unregistered securities.
Here are several reasons why I believe $UNI could be one of the next big runners to hit new all-time highs (ATH): 🧵
1. Unichain @unichain
Unichain is launching soon. This isn’t just another ordinary chain; it’s Uniswap on steroids. With cross-chain… pic.twitter.com/i6AVcnsqXV— Sus Ape | (@Sus_Ape) December 6, 2024
Meanwhile, third-party data shows that Uniswap’s volume of transactions has risen in the past few weeks.
Its weekly transactions rose by 27% to over $31 billion, more than double what Raydium (RAY) handled. It has cumulatively handled volume worth $1.56 trillion.
Uniswap price analysis
The daily chart shows that the UNI price has staged a strong rally in the past few weeks. It has crossed the important resistance level at $17.05, the upper side of the cup and handle pattern. C&H is characterized by a rounded bottom and is often a continuation sign.
Uniswap also formed a golden cross pattern as the 200-day and 50-day moving averages flipped each other. Also, the Percentage Price Oscillator and the relative strength index have pointed upwards — a sign that it has the momentum.
Therefore, the next potential Uniswap price target is $30. This target is established by measuring the depth of the cup, and then extrapolating the same distance from the upper side of the cup.
A move to its all-time high will be confirmed if it moves above that level and if the ongoing crypto bull run continues.
