Uniswap price to see “explosive rally”: can UNI hit $100?

Uniswap price has risen for five consecutive days as crypto analysts predict further upside potential.

Uniswap (UNI) token reached $12.37 on Monday, November 25, reaching its highest level since April 1. This represents a gain of over 150% from its lowest point this year.

Anasta Maverick, a popular cryptocurrency influencer with over 26,000 followers, predicted in an X post that the cryptocurrency could rise 50% from its current level to $17.70.

Meanwhile, HypeManAlex, a crypto analyst with over 54,000 followers, predicted a possible rise of 733% to $100. He emphasized that Uniswap’s importance in the decentralized exchange industry is an important factor.

Data reveals that Uniswap supports more than 20 chains with over $26 billion in transaction volume in the last seven days. The platform has processed more than $1.54 trillion since its launch, including $81.7 billion in the last 30 days.

Its biggest rival, Raydium, traded $26.86 billion last week and a cumulative $231 billion.

The network also introduced Unichain, a layer-2 solution currently in the testnet phase, with public mainnet expected in late 2024 or early 2025. Unichain aims to provide a better alternative to Ethereum, Solana and Arbitrum.

However, the risk facing the Uniswap price is that whales continue to sell the coin. Etherscan data shows that a whale moved 466,000 UNI tokens worth $5.4 million to OKX; This is an important step in selling it. Another whale moved $1.29 million worth of tokens to Coinbase.

Uniswap price analysis UNI chart | Source: crypto.news

The daily chart shows UNI forming a golden cross pattern as the 50-day and 200-day Exponential Moving Averages cross each other.

A cup and handle pattern, characterized by a rounded base followed by consolidation, is also evident. This pattern suggests a potential jump to $17 in the near term.

However, a rise to $100 in 2024 is unlikely because it would require a 733% increase from the current level. A decline below the $9 support level would invalidate the bullish view.