Uniswap’s native token – UNI – has demonstrated a noteworthy surge of 28% over the past week alongside the rest of the crypto market.
It is currently trading above $7.71 with a market capitalization of $4.61 billion. The latest data indicated that UNI may be poised for more growth.
- Industry expert Ali Martinez said that UNI has successfully turned a key supply wall at $7.23 into a solid support level.
- This support is distributed across 3,500 addresses, collectively holding over 20 million UNI, which could suggest the token’s potential to reach the $10 mark, given the absence of significant resistance in the immediate future.
“Uniswap has successfully turned a key supply wall at $7.23 into support, where 3,500 addresses hold over 20 million $UNI. With the absence of major resistance ahead, the stage is set for #UNI to potentially surge toward $10.”
- In addition to financial gains, Uniswap has strategically expanded its reach. The decentralized trading protocol recently entered the Bitcoin ecosystem by launching on Rootstock, a sidechain connected to the prominent blockchain network.
- This initiative, led by GFX Labs, the creator of the Oku trading engine, offers users advanced capabilities, enabling seamless management of positions, order placement, and analytics monitoring on the Rootstock sidechain.
- Uniswap Labs has also addressed user accessibility with the recent introduction of its Android mobile wallet app. This user-friendly app, launched last month following successful closed beta testing in October and an earlier iOS version released in April, facilitates swaps and enhances user access to the decentralized finance sector.
- The DEX’s recent positive momentum and strategic expansions position it as a notable contender in the evolving landscape of decentralized trading protocols.