Foreign media reports that Uniswap's token UNI has rebounded from its mid-June lows to around $3.80, with a cumulative increase of nearly 68% over the past month. The price is currently approaching the $3.95 to $4.05 range, a level that has repeatedly suppressed upward momentum since February of this year, making its short-term performance a focus of attention.
On-chain activity has rebounded significantly.
The article cites data from Token Terminal, stating that the number of daily active users of the Uniswap protocol has increased significantly in the past month, rising from less than 250,000 in late June to nearly 400,000, a relatively high level in recent months. An increase in active addresses typically indicates rising transaction usage and reflects a recovery in protocol participation.
From this perspective, UNI's recent rebound is not entirely dependent on short-term sentiment; it is also supported by improved protocol usage data. For DeFi projects, a rebound in user activity is often seen as a direct signal of fundamental improvement.
Open interest rose above $230 million.
The article also cites Coinglass data, stating that UNI's open interest has risen from approximately $170 million at the end of June to over $230 million, an increase of nearly 35% in one month. The simultaneous rise in price and open interest typically indicates new funds entering the market and increased participation from futures traders.
However, this type of data also suggests that the battle around the $4 mark may intensify. If prices continue to rise and open interest increases further, the market may interpret this as continued accumulation of long positions; if the upward move fails, short-term profit-taking pressure may also increase.
$4.05 becomes a short-term level to watch.
The article argues that the most crucial level for UNI remains the $3.95 to $4.05 range. If the price effectively breaks above this level, market attention may shift to the $5 mark, with further upside potential targeting the $5.50 area.
If it fails to break through, the first short-term support level to watch is $3.5, with trend support roughly in the $3.1 to $3.2 range, and further down, the main support is at $2.9. Overall, this commentary concludes that UNI remains in a bullish structure, but whether it can break through the resistance near $4 will determine whether this rebound continues to expand.
