Connect with us
Active Currencies 14565
Market Cap $2,683,187,506,696.35
Bitcoin Share 49.98%
24h Market Cap Change $-1.61

Uniswap tops these charts as OP goes on a rally

2min Read

Uniswap became one of the top gainers both on Polygon and Avalanche blockchains. The token’s price surged by over 7% last week. 

Uniswap tops these charts as OP goes on a rally

Share this article

  • Uniswap v3’s volume declined both on Ethereum and Optimism.
  • On-chain metrics looked bullish, and open interest also shot up.

Uniswap [UNI] surprised investors over the last few days as its price action turned bullish. In fact, the token also became one of the most bullish projects on Polygon [MATIC]. Thanks to the price uptick, its performance on the social front improved drastically. 


Read Uniswap’s [UNI] Price Prediction 2023-24


However, the network’s usage registered a decline over the last few weeks, both on Ethereum [ETH] and Optimism [OP]. Will UNI’s price action be enough to lure more users onto the network and help increase its usage over the coming days? 

A check on Uniswap’s state 

While the token’s price went up, Uniswap v3’s performance took a back seat as a few stats declined. For instance, after spiking in mid-July, Uniswap v3’s volume started to decline both on ETH and OP.

Interestingly, while the number of trades went down on OP, the metric registered a spike on Ethereum, which was promising. Its TVL on both blockchains, however, has remained pretty stable over the past few weeks. 

Source: Dune

Apart from the network’s performance, UNI investors were having a comfortable week as its price turned bullish. As per CoinMarketCap, UNI was up by more than 7% in the last seven days.

At the time of writing, it was trading at $6.44 with a market capitalization of over $3.7 billion. Thanks to the bullish price action, UNI was not only one of the top gainers on Polygon but also on Avalanche [AVAX].

 

With the hike in the token’s price, its social metrics also increased. For example, positive sentiment around UNI went up, as evident from the rise in its weighted sentiment. Additionally, its social volume also remained relatively high, reflecting its popularity in the crypto space. 

Source: Santiment


Is your portfolio green? Check out the UNI Profit Calculator


Uniswap’s chart might remain green in the short-term 

Things on the metrics front also looked bullish as its price shot up. UNI’s net deposits on exchanges were low compared to the last seven days. During the rally, Uniswap’s supply on exchanges declined while its supply outside of exchanges increased, which is typically bullish. Whale activity around the token has also increased in the last few days. 

Source: Santiment

The good days might not end soon as Coinglass revealed another bullish metric. As per the data, Uniswap’s open interest increased. A rise in the metric usually means new money is coming into the market for that option. Therefore, the chances of UNI’s bull rally continuing further seemed likely to happen. 

Source: Coinglass

Share

Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.