Uniswap (UNI) Price Analysis: Bulls Target $10 After Major Breakout and 70% Rally

Uniswap's governance token, UNI, is demonstrating significant bullish momentum, capturing the attention of traders and analysts alike. Over a recent 24-hour period, the UNI token surged by 7.33%, climbing from a support level of $6.9788 to a multi-week high of $7.7177. This impressive move was not a sudden, isolated spike but rather a structured ascent, characterized by a series of higher lows and a decisive breakout above a key resistance zone near $7.65 during the Asian trading session. The rally was underpinned by a notable increase in trading volume, particularly around 08:00 GMT, signaling strong conviction from buyers. This price action has propelled UNI into territory it hasn't occupied since late March, reinforcing a short-term bullish outlook and fueling speculation about its next major target.

The growing optimism is not without expert backing. According to a recent analysis posted on X by crypto analyst Ali Martinez, the token is showing significant breakout potential. Martinez stated that “$UNI is breaking out with momentum and now has its sights set on $10,” a price target that is increasingly coming into focus. Monday's sustained push higher builds on this momentum, suggesting that the path to double-digits is becoming more plausible. For traders, the immediate challenge for UNI will be to consolidate its gains and establish the former resistance level of $7.65-$7.70 as a new floor of support. Sustained trading volume throughout the week will be critical in confirming the breakout's validity and paving the way for further upside.

From Yearly Lows to Bullish Reversal: UNI's Impressive Comeback

Zooming out, the recent price action is part of a much larger recovery story. The UNI token has staged a remarkable 70% comeback since bottoming out at its yearly low of $4.551 on April 7. This resurgence has been methodical, with the token logging gains in seven of the last eight weeks—its most prolonged positive stretch since early 2023. This sustained buying pressure has allowed UNI to firmly trade above several key resistance levels that had previously thwarted recovery attempts. The broader price structure now resembles a classic bullish reversal pattern, transitioning from a prolonged downtrend into a period of sharp rebounds and strong support formation. On-chain analyst EmberCN highlighted this shift, noting that buyers have consistently stepped in to absorb drawdowns, such as the one that established a new support base between $7.14 and $7.17. During one sharp sell-off to $7.142, volume spiked to 3.96 million, which is 78% above the daily average, followed immediately by a V-shaped recovery on even higher volume of 4.69 million in the next hour.

Compared to other major altcoins, UNI's performance has been noteworthy. While assets like Solana (SOL) and Cardano (ADA) have also seen gains, with SOLUSDT up 2.48% and ADAUSDT up 2.16% in a recent 24-hour window, UNI's breakout has shown superior relative strength. This outperformance could attract further capital from traders looking for assets with confirmed bullish momentum. The key support zone at $7.14-$7.17 now defines the lower boundary of the current trading range. A confirmed break and hold above the $7.80-$8.00 resistance area would be the next major technical hurdle to clear. If bulls can achieve this, it would signal a full momentum shift and add further credibility to the $10 price target forecasted by analysts. The combination of a strong technical chart pattern, positive analyst sentiment, and improving on-chain metrics paints a compelling picture for Uniswap's continued recovery.