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Uniswap (UNI) has gained 14.33% in the last 24 hours, sparking speculation about its long-term bullish potential. With growing user engagement and reduced selling pressure, UNI may be poised for further growth.
Key Highlights:
1. Price Action: UNI retested key resistance at $17.12, with indicators pointing to a potential breakout.
2. Address Statistics: Active addresses surged by 23.94%, and new addresses grew by 8.42% over the past week, highlighting increasing network activity.
3. _Transaction Count and Exchange Reserves_: Total transactions grew by 1.12%, and exchange reserves fell by 0.64%, signaling reduced selling pressure.
4. _Market Sentiment and Open Interest_: Open Interest climbed by 5.67%, reflecting heightened speculative activity and confidence in UNI's near-term potential.
With robust price action, increasing user adoption, and reduced selling pressure, UNI may be well-positioned to break through the key resistance at $17.12. If this happens, a hike towards $20 or higher seems highly likely. 2 replies
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