Uniswap (UNI) is currently trading at $6.98, marking a 2.35% decline over the last 24 hours. The token recently dipped below the $7 threshold, a level identified by analysts as critical for maintaining upward momentum. Reclaiming $7.50 would indicate stronger market strength, while sustaining activity above $7 is necessary to target the $8 price point.
On-chain data from Santiment reveals that 13,137 new UNI addresses were created in a single day, reaching a peak not seen since September 2020. Daily active addresses also hit a one-year high of 14,591. Analysts note that this metric tracks wallets interacting with the UNI token, which may include exchange transfers and internal wallet reallocations rather than solely new holders.
The surge in network activity follows recent protocol updates, including the launch of Aggregator Hooks on October 22. Additionally, the Unichain layer-2 network is transitioning to OP Enterprise. Market observers are monitoring whether this spike in activity will translate into sustained demand or if it remains a temporary fluctuation in network usage.
Analyst DonWedge highlights a broader technical perspective, noting that UNI exited a falling wedge pattern in June, moving from $2.60 to $10.90. The current long-term support zone is identified between $5 and $6.60. Maintaining this range is essential for a potential target of $18, whereas a weekly close below $5 would invalidate this outlook.
