Uniswap (UNI) Leads DeFi Altcoins Rally With 18% Jump After SEC Chair Encourages ‘Fairplay’

Key Takeaways

• UNI’s bullish momentum followed SEC Chair Paul Atkins’ comments, encouraging reduced compliance barriers for DeFi.
• Uniswap’s price broke out of a symmetrical triangle on the 4-hour chart, flipping resistance at $7.50 into support.
• Data shows a rise in active addresses, suggesting increased investor interest and possible continuation of UNI’s uptrend.

Uniswap’s native token, UNI, has emerged as the top performer among the top 100 cryptocurrencies, soaring by 18% over the past 24 hours. The rally comes amid a broader uptick in DeFi-related assets.

While UNI has outperformed its peers, CCN’s finding shows that the recent statements from the U.S. Securities and Exchange Commission (SEC) chair played a role in the upswing.

Here is a thorough breakdown of what happened and what lies ahead for Uniswap’s price.

UNI Rockets to 4-Month High

At press time, Uniswap’s price has climbed to $8.43 — the highest level since Feb. 24. While demand for the altcoin played a role in this increase, a recent assurance from U.S. SEC Chair Paul Atkins accelerated the move.

At the Crypto Task Force Roundtable on DeFi held Tuesday, June 10, he criticized previous U.S. administrations for stifling innovation by restricting market participation.

He then urged the SEC staff to explore regulatory exemptions or draft new guidance to lower the compliance barriers for decentralized finance DeFi platforms.

“I have asked the Commission staff to explore whether further guidance or rulemaking may help enable registrants to transact with these software systems in compliance with applicable law. I also am excited about the use of on-chain software systems by issuers and intermediaries to eliminate economic frictions, increase capital efficiency, enable new types of financial products, and enhance liquidity,” Atkins said .

Following the development, the 4-hour chart showed that Uniswap’s price broke out of a symmetrical triangle. With support at $6.26, UNI could break the resistance at $7.50 and retest $8 for the first time since February.

Momentum Bullish, Network Activity Follows

Alongside the breakout, the Awesome Oscillator (AO) reading flashed higher green bears. This indicates bullish momentum around the DeFi token.

Should the trend continue, UNI’s price will likely breach $9 in the short term. However, this might only be the case if the bullish sentiment around the cryptocurrency stays put.

From an on-chain point of view, Santiment data shows a spike in the 24-hour active addresses. Rising active addresses usually indicate that more users send or receive tokens, suggesting growing interest in an asset.

If the rally is sustained and trading volume rises, Uniswap’s price might extend its 25% seven-day rally. If this is true, the altcoin could close in on $10.

UNI Price Prediction: $10 Possible

Like the 4-hour chart, Uniswap’s daily chart confirms a breakout above a descending triangle pattern.

A key horizontal support level remains at $4.70, suggesting a potential short-term correction if the price dips below this threshold.

The Moving Average Convergence Divergence (MACD) has flipped into positive territory, reinforcing the building bullish momentum surrounding UNI.

If this trend persists, UNI’s price could target $10.34, aligning with the 0.618 Fibonacci retracement level. A successful breakout above that zone may open the path toward $12.

However, a failure to sustain momentum could cause the token to fall below the $7.86 support level. In such a scenario, bearish pressure might pull UNI back toward $5.