Uniswap’s native token UNI has staged an impressive comeback, surging 14% in the past 24 hours and erasing its monthly losses. This remarkable performance comes amid mixed signals from on-chain metrics and market sentiment, raising questions about the sustainability of this rally.
Strong Fundamentals Driving Growth
The recent price surge appears to be supported by robust fundamental indicators. UNI has reached a significant milestone with approximately 370,000 addresses now holding the token – an all-time high . This growing holder base suggests increasing confidence in Uniswap’s ecosystem and long-term potential.
Simultaneously, Uniswap’s treasury has strengthened considerably, now valued at $5.6 million . This financial cushion provides the protocol with ample resources to fund ongoing development initiatives, further bolstering investor confidence in the project’s future.
Concerning Market Dynamics
Despite these positive developments, several market indicators suggest caution. Decentralized exchange (DEX) trading volumes have notably declined, with UNI spot volume falling to just $1 billion . This reduction in trading activity could indicate waning interest from spot traders or a hesitancy to engage with the asset at current price levels.
The Total Value Locked (TVL) in Uniswap has shown only marginal improvement, moving from $4.847 billion at the beginning of June to $4.883 billion currently . This minimal liquidity inflow suggests that investors may be reluctant to commit substantial capital to the protocol, preferring to keep assets on centralized exchanges for potential quick exits.
Spot Selling vs. Derivatives Optimism
The spot market has experienced significant selling pressure, with UNI worth $7.93 million sold in the past 48 hours – $6.48 million of which occurred in just the last 24 hours . This selling activity has placed downward pressure on UNI’s price.
However, derivatives traders appear to maintain a bullish outlook. The funding rate for UNI has increased to 0.0044% in the past 24 hours, indicating that traders holding long positions are willing to pay a premium in anticipation of further price increases . This divergence between spot selling and derivatives optimism creates an interesting market dynamic.
Price Outlook
As of June 10, 2025, UNI is trading at approximately $6.11, having experienced sharp intraday swings between $6.045 and $6.385 . Technical analysis suggests UNI could potentially rise to the next resistance level of $9.00, which served as a former resistance point in February . A breakout above this level could signal further upside potential.
Looking ahead to the remainder of June 2025, UNI began the month with a quiet consolidation phase before buyers stepped in aggressively near the $6.40 mark, triggering a breakout above the short-term trendline . Crypto experts forecast that UNI could reach an average trading price of $8.83 by the end of June, representing a 20.03% increase from current levels .
Conclusion
Uniswap’s recent 14% rally demonstrates the token’s resilience and market appeal. While strong fundamentals such as growing holder count and treasury value support the bullish case, concerns about trading volumes and liquidity inflows suggest potential challenges ahead.
The contrast between spot market selling and derivatives market optimism creates an intriguing dynamic that will likely influence UNI’s price trajectory in the coming weeks. Investors should monitor these key metrics closely while considering both the promising forecasts and underlying market pressures.
