Uniswap’s native token (UNI) has slipped below the $3 mark, surrendering much of the momentum from a sharp rally that followed an ambitious long‑term forecast from banking giant Standard Chartered. The token, which briefly traded near $4 earlier in the week, was changing hands around $2.98 on June 23, still roughly 20% above its pre‑breakout level but well off its local peak.
The rally was ignited on June 15 when Standard Chartered initiated coverage of the decentralized exchange token and projected a $100 price target by end‑2030. At the time, UNI was languishing below $2.50 after months of underperformance. Geoffrey Kendrick, head of digital assets research at the bank, stated: “We initiate coverage of Uniswap with a UNI‑USD price forecast of USD 100 by end‑2030, a 40x increase from today’s USD 2.50 level.” The bullish outlook drew fresh spot demand and a wave of leveraged short‑covering, swiftly pushing UNI through multiple resistance levels.
Derivatives data from CoinGlass illustrates the intense activity. During the advance, futures volume surged and open interest climbed sharply. However, as UNI approached the $3.70 area, profit‑taking emerged and buying momentum cooled. The subsequent retreat brought the price back below $3, with liquidation heatmaps now showing heavy concentration of leveraged positions between $3.10 and $3.22 on the upside, and support clusters near $2.95–$2.85 on the downside.
Technical indicators reflect a market that has entered a consolidation phase. On the daily chart, UNI holds above the Bollinger Bands midline near $2.77, suggesting buyers still retain some control after the spike. Yet the Relative Vigor Index is turning lower and the Chaikin Money Flow has dipped slightly negative on shorter timeframes, signaling that fresh capital inflows have slowed. The immediate support rests at the $2.93–$2.95 zone; a failure there could open a path toward $2.73 and $2.54. On the bright side, a decisive break above $3.125 would put resistance levels at $3.32, $3.51, and $3.71 back in play.
Macro conditions are also weighing on sentiment. The Federal Reserve’s latest policy decision, with Chair Kevin Warsh reinforcing expectations of higher interest rates for longer, has dampened risk appetite across crypto markets. As Bitcoin and Ethereum lost steam, speculative capital pulled back from altcoins like UNI.
On‑chain activity tells a mixed story. Blockchain tracking services noted that some large holders trimmed exposure during the rally, yet one DeFi investor deposited $300,000 in USDT to Binance and bought roughly 100,000 UNI near $2.99, while still sitting on about $2.8 million in stablecoins. Traders are now closely watching the dense liquidation pockets; a move above $3.30 could trigger another short squeeze, while a breakdown below $2.90 might accelerate selling pressure.
