The ecosystem of the decentralized exchange Uniswap is undergoing an unusual development. While the price of the native token UNI has lost approximately 30 percent of its value over the past month, falling to $6.50, data directly from the blockchain shows the exact opposite of market sentiment. New users are joining the network at the fastest pace since November 2022.
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Uniswap records record activity and strong TVL growth
The on-chain analytics platform Santiment recorded the creation of 2,295 new wallets associated with the UNI token in a single day, representing the strongest inflow in the past four years. The sharp rise in network activity is primarily linked to the technological development of the ecosystem — specifically preparations for the launch of Uniswap v4, the expansion of liquidity routing options, and work on the new layer-two network Unichain.
The dynamic growth is also confirmed by figures from the decentralized finance sector. The total value locked (TVL) in the Uniswap v4 protocol reaches approximately $1.44 billion, having grown by roughly 17 percent over the past month. In addition, over the past 30 days the platform has generated nearly $63 million in fees, with total trading volume on the decentralized exchange exceeding $33.5 billion.
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Selling pressure persists: Can Uniswap hold the $7 support level?
Despite the massive influx of new users, the price of the UNI token has so far failed to halt its decline. After a failed attempt to break through the psychological $10 barrier, sellers took control, pushing the value below the moving averages as well as the Ichimoku cloud indicator. If UNI fails to reclaim the $7 level in the near term, technical analyses warn of a deepening correction into the $6.00 to $6.50 range.
Although technical indicators on the four-hour chart show a bullish divergence, and some analysts do not rule out a return to $10–12 values should the broader market stabilize, the mere increase in addresses does not guarantee a trend reversal. What will be decisive for further development is whether the current interest in the ecosystem translates into sustained use of the protocol, and whether the technical bounce is confirmed by holding the $7.50 to $8 level.
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Sources:
- Santiment – on-chain data on network growth and the inflow of new wallets associated with the UNI token
- DeFiLlama – statistics on total value locked (TVL), fees, and volumes on Uniswap v4
- Kryptomagazín Terminal – data on the current price development and market capitalization of the UNI token
- Analysts Phoenix and Scient (X.com) – technical analysis of price levels, the Ichimoku cloud indicator, and market divergences
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