Uniswap (UNI) experiences volatility following resistance breakout

Uniswap (UNI) has experienced significant price volatility following a recent rally. The token recently broke through a long-term resistance level near $9.50, with some analysts projecting potential long-term price targets between $30 and $50. However, the asset also faced an 11.08% decline over a 24-hour period as the broader cryptocurrency market underwent a pullback.

Despite the price correction, on-chain data shows mixed signals. While trading volume saw a decrease, Uniswap’s exchange reserves fell by approximately 10.65%, and spot taker cumulative volume delta (CVD) remained buyer-dominant. Additionally, top traders on Binance maintained a heavy long bias, with long accounts accounting for 67.44% of positions, resulting in a long/short ratio of 2.07.