Uniswap’s price has rallied, crossing a crucial resistance level, with many crypto experts predicting further gains ahead.

Uniswap (UNI) token surged to $19.44, its highest level since December 2021, as crypto momentum continued to strengthen.

This rally coincides with robust inflows across decentralized exchange (DEX) networks. Data indicates that DEX platforms handled over $372 billion worth of tokens in November, marking the largest monthly increase on record.

Uniswap alone processed $30.86 billion in volume over the last seven days, solidifying its position as the industry leader. Its volume significantly exceeded that of competitors like Raydium and PancakeSwap combined. Over its lifetime, Uniswap has facilitated over 465 million trades worth more than $2.36 trillion.

Uniswap’s price is also gaining momentum as traders anticipate the launch of UniChain, the platform’s independent Layer-2 chain. UniChain aims to enable seamless cross-chain trading on a single platform. Currently in the testnet phase, UniChain is set to launch early next year.

At the same time, there are rising odds that the Trump administration will abandon the case brought against Uniswap by the Securities and Exchange Commission. The SEC alleged that the company provided securities on its platform without registration. 

Uniswap price analysis

The weekly chart reveals that UNI has formed a slanted triple-bottom pattern, a bullish reversal indicator. The price has broken above the pattern’s neckline at $17.13, suggesting that bulls are firmly in control.

UNI is also approaching the 38.2% Fibonacci Retracement level at $19.23. Furthermore, it has moved above the 50-week moving average, while the MACD indicator and Relative Strength Index are both trending upwards.

The path of least resistance for UNI appears bullish, with a long-term target of $50, representing approximately a 180% increase from the current level. This aligns with predictions from analysts like Crypto Tigers predict.

For this to happen, Uniswap price will need to rise above the 50% retracement point at $24 and its all-time high of $45.

Decentralized exchange Uniswap has launched in-app, permissionless cross-chain bridging for its users, with service available across nine blockchain networks.

On Oct. 23, the Uniswap (UNI) team announced that its permissionless cross-chain bridge was now live, bringing the DEX protocol closer to enabling cross-chain swaps. The cross-chain intents protocol, Across Protocol, powers this in-app Uniswap bridging feature, according to the announcement.

Only native assets

With the launch, Uniswap users can now undertake cross-chain transactions across nine networks. These include Ethereum (ETH), Arbitrum (ARB) Polygon (POL) and ZKSync (ZK). Other networks with initial support are Base, Zora, Blast, OP Mainnet and World Chain.

The feature only supports native assets, such as ETH on the Ethereum network or ARB on the Arbitrum network. Bridging will also be available for stablecoins. In terms of functionality, users will perform cross-chain transactions directly via their Uniswap interface and Uniswap Wallet.

According to data from Dune, multi-chain access currently has a cumulative count of over six million Uniswap users. However, cross-chain bridge swaps remain low. The Uniswap Labs team aims to significantly increase this number.

Uniswap recently unveiled UniChain, a new layer-2 chain targeting DeFi and cross-chain liquidity. Announced on Oct. 10, UniChain aims to help the crypto market address DeFi’s challenges. Key to this vision are decentralization, near-instant transactions, and multi-chain swapping.

Ethena has broken out of a rare bullish pattern on the one-day charts and could see gains of over 65% from the current price.

Over the last seven days, Ethena (ENA) — best known for the USDe stablecoin — rose 24.4%. The crypto asset’s market cap surpassed the $1 billion mark on Oct. 14. It is now up 200% from its lowest point in September, and sits at $1.14 billion. Its daily trading volume hovers over $318 million.

According to analysts, Ethena has broken out of multiple patterns on the 1-day chart, which points to further upside.

Anonymous trader CryptoBull_360 noted that ENA has broken out from an inverse head and shoulders pattern, a rare pattern that signals a major bullish reversal that could further fuel the ENA rally. Moreover, It also rose above the upper side of a broadening wedge pattern that connects the highest swings since April 10.

The analyst sets a bullish target for ENA at $0.68. That’s up 65% from its current levels, provided that Bitcoin (BTC) continues to see positive momentum. 

Other commentators echoed similar bullish sentiments with MisterSpread ENA to hit $0.52 in the short term as long as it holds above the support level at $0.42.

ENA’s price rally also coincided with a jump in futures open interest. According to CoinGlass, open interest in the futures market hit a high of $227 million, up from last week’s low of $137 million.

Previously, whales have also turned their attention towards the token and were seen accumulating the crypto throughout the past week as reported by crypto.news.

Smart DEX traders, known for consistently executing profitable swaps on decentralized exchanges, grabbed over 2.25 million ENA tokens over the past week, valued at $932.5K, demonstrating their confidence in the token’s potential growth.

Among other catalysts, is Ethena’s recent proposal to integrate its liquidity and hedging system into Hyperliquid, a decentralized exchange for perpetual trading.

The proposal, currently under review by the Ethena Risk Committee, suggests moving a portion of Ethena’s hedging flow on-chain to Hyperliquid, enhancing transparency and reducing counterparty risks.

Additionally, the proposal includes adding USDe stablecoin to Hyperliquid’s Layer 1 platform upon the launch of the EVM mainnet, further expanding its DeFi integrations.

At press time, ENA was exchanging hands at $0.403 per data from crypto.news.