Can Uniswap Hold Above $7 After DEX Volume Passed $2T?

Key Insights:

• After Uniswap saw a 32%, it’s now cooling off with a retest zone at $7.00–$7.50.
• Uniswap has processed over $2.2T in lifetime DEX volume, making it one of the most battle-tested protocols in DeFi.
• As BTC hits a new all-time high, PancakeSwap leads DEX activity with $3.5B in 24h volume. Uniswap further followed it at $2.9B.

Uniswap (UNI) is performing better than any other decentralized exchange DEX) built on the Ethereum (ETH) blockchain. Also, including other chains, only PancakeSwap comes on top of Uniswap.

UNI could be a great token to look at, as activities on its DEX somehow influence its token price. The activity on Uniswap is booming not only in terms of volume but also in terms of extending collaborations.

That said, its price corresponded with the growing chain activity. How will price play out as lifetime DEX volume hits a new milestone?

Can Support at $7 Signal the End of the Retracement of Uniswap?

After Uniswap declined below the $6.5 mark, it responded with a rebound that pushed the price past $7. UNI made a double top, which started a consolidation in a rising channel.

The consolidation was followed by a sharp drop in price that found support at $6.50. A rebound from this zone is what led to the 32% surge, which has seen the price hit $9 from $7. This makes the $7-$7.5 a key zone to anticipate the end of the ongoing correction.

However, if the aforementioned zone did not hold, Uniswap could revisit the $6.5 and $6 or lower. Holding below these levels for a long time could weaken the bullish setup.

If the price doesn’t rebound soon, traders might reassess their positions. Anticipating what UNI could do, it is worth assessing the impact of its other key areas.

New Milestone for Lifetime Uniswap DEX Volume

Sei Network (SEI), through its X page, announced its collaboration with Uniswap. It would greatly improve liquidity. The collaboration announcement revealed that UNI had hit an ATH in lifetime DEX volume at $2.2 Trillion.

In the announcement post, they said;

With this collaboration, Uniswap will see more activity, especially from the Sei blockchain. It will be capitalizing on the liquidity. DeFi and stablecoin issuance on the Sei blockchain are rising rapidly.

This growth is driving higher trading volume across the platform. As activity increases, the platform’s overall value also climbs. That upward momentum could positively impact the token’s price.

Comparing Daily DEX Volumes

Besides collaboration and major milestones in cumulative volume, UNI also thrived in daily trading metrics. It is volume and total value locked (TVL).

At press time, the daily trading volume was up 8% clocking $4.05 Billion. On the other hand, TVL had declined by 0.56% reaching $4.10 Billion. These observations cement the aforementioned heroics in trading volume as more users shift toward DEX executions.

However, comparing it to other DEXs, Uniswap came second after PancakeSwap. PancakeSwap’s monthly volume was almost double that of UNI at $77.45 Billion.

Despite coming second, Uniswap had more volume than Raydium, Fluid, and Aerodrome combined. These observations showed that Uniswap kept the leading position among major ETH-based exchanges. This includes Solana-based Raydium.

Other DEXs that appeared on this list were Meteora, Quickswap, Orca, and Hyperliquid, respectively. Despite the recent hype in Hyperliquid on socials, on-chain data did not back that narrative.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.