Uniswap's UNI token experienced a significant rally, climbing over 15% in a single day to reach $6.81, after bouncing from recent lows around $5. This surge was driven by growing momentum around a potential revenue-sharing proposal that would direct a portion of Uniswap's fees to UNI holders, alongside substantial whale activity where large investors acquired approximately 660,000 UNI tokens worth $4 million during a sell-off.
Uniswap's performance in October played a key role, with the decentralized exchange achieving peak trading volumes and generating record fees of $275 million, surpassing even the 2021 bull market levels. This highlights the platform's resilience and recovery from the 2022-2023 bear market, with Uniswap maintaining a 6.1% share of total DEX trading.
The fee switch proposal, which has been a contentious issue with multiple voting attempts blocked by major stakeholders like a16z, gained further attention through a Polymarket market pair. This indicated a 33% probability of activation in December 2025 and up to 73% by summer 2026, attracting interest from crypto influencers despite relatively low trading volumes of $56,000.
Technical analysis reveals that UNI is currently testing resistance between $6.24 and $6.34, with strong support at $5.78–$5.90. A breakout above resistance could push prices toward $6.60–$6.80, while a drop below support might see a retest of the $5.31–$5.20 demand zone. Additionally, Uniswap's recent activation of smart wallets via EIP-7702, enabling gasless swaps, has improved user experience, though its impact depends on adoption rates.
Despite the rally, UNI remains in a lower range compared to historical highs, with open interest declining to $229 million from a 2025 peak above $391 million. The token is viewed as undervalued, with increased social mindshare up 44% in November, suggesting potential for further gains if derivative traders engage.
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