Uniswap’s UNI has grown in favor of investors as the token continues its upward trajectory in the face of crucial on-chain developments. According to CoinGecko, the token surged 30% since last month, keeping the token on the green zone. With the market’s renewed bullishness, UNI might be on the road for some gains in the short term. 

Uniswap recently announced a development that may enhance user experience in using the platform altogether. Investors are excited as the platform continues to find innovative ways to improve user engagement. 

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Gas Abstraction: A Leap For Uniswap UX? 

Across Protocol’s Chief Technology Officer, Matt Rice, and Uniswap’s Staff Software Engineer, Mark Toda recently discussed about the ERC-7702 which, if passed, would introduce a new transaction type known as externally owned accounts (EOAs). In general, ERC-7702 will implement gas abstraction, a feature that would both improve user experience and save users a ton of money in the process. 

ERC-7702 Uniswap’s next big leap 🦄@MarkToda from @uniswap talks with @mrice32 about how gas abstraction could simplify DeFi for millions. Is this the user experience revolution we’ve been waiting for? pic.twitter.com/UVR3Mid5HQ

— Across (@AcrossProtocol) September 24, 2024

According to Mark Toda, the biggest obstacle for gas abstraction to be successfully implemented is authorizing a users address without gas on-chain. 

“…Think about it right now, if you are trying to send some tokens on some random chain and you’re trying to swap out of there or do anything there, right now you need to have a native token to pay the gas…or authorize the contract of some sort to take your tokens,” Toda said when asked about a scenario where a user swaps tokens with no available chains on the platform. 

To put it simply, ERC-7702’s most notable feature regarding gas sponsorship which helps users pay gas fees distinct from their chain of origin. This feature, once ERC-7702 is implemented, will greatly improve cross-interoperability, enhancing user experience. 

As of writing, ERC-7702 is still in its draft stage which means the new on-chain goodies featured between Toda and Rice are still subject to revision. Nonetheless, it presents a good future for the Uniswap community. 

UNI: Investors Should Watch These Levels

As of writing, UNI has continued to make ground against the bears in the medium term which places the token at the gates of the $7.518 resistance level. This crucial resistance level might continue to resist in the coming days as the market hits its peak after days of continued bullish movement. 

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With this in mind, investors should monitor the token’s movement in the coming hours and days as this may determine the trajectory of the token. If UNI breaks through this crucial resistance level, it opens the door toward $9.012 in the medium term. 

However, if $7.518 remains unbeaten or the bulls breakthrough for a short while before pulling back, it might trigger a downward movement by the bears targeting $5.899 in the medium term. 

Featured image from Pexels, chart from TradingView

A widely followed trader is leaning bullish on a mid-cap Real World Asset (RWA) token while offering his insight on three other altcoins.

The trader pseudonymously known as Sherpa tells his 223,600 followers on the social media platform X that the native token of the RWA blockchain MANTRA (OM) could go up by around 16% from the current level to hit a new all-time high.

“Still one of the better RWA options out there and has high float/less supply overhang and lots of financial backing behind it.”

OM is trading at $1.22 time of writing.

Next up is Solana (SOL). The pseudonymous analyst says that despite Solana proving to be a “slow mover” over the recent past after being outperformed by competitors such as Sui (SUI), he is still leaning bullish on it.

“I still think SOL is a good bet though.”

Solana is trading at $153 at time of writing.

Next up is the native token of the layer-one blockchain Fantom (FTM). According to Sherpa, Fantom has a bullish market structure and “still looks really good on higher time frames.” The pseudonymous analyst further says that the upcoming rebrand and upgrading of Fantom to Sonic (S) scheduled for November/December this year bolsters his bullish thesis for the altcoin.

“…this goes higher within the next few weeks.”

Next up is the dog-themed memecoin dogwifhat (WIF). Sherpa says that WIF “looks pretty strong overall” and would present a potential long opportunity on pullbacks.

WIF is trading at $2.22 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

A crypto strategist closely followed for well-timed altcoin predictions thinks one Ethereum (ETH) challenger is ripe to ignite big upside bursts.

Pseudonymous analyst Bluntz tells his 275,500 followers on the social media platform X that Near (NEAR) has taken out the diagonal resistance of a falling wedge pattern on the three-day chart.

A falling wedge structure is viewed as a bullish reversal signal as it suggests that buyers are stepping in to decrease the rate of an asset’s price decline.

Says Bluntz,

“Three-day candle about to close and NEAR has a beautiful trend break now.”

Zooming in, Bluntz says NEAR appears to be following in the footsteps of fellow layer-1 protocol Sui (SUI), an altcoin that has printed gains of about 120% this month.

“NEAR finally coming in hot with a channel breakout.

In environments like these, they usually indicate a huge breakout move is underway.”

At time of writing, NEAR is worth $5.38, up over 5% in the past day.

The trader is also bullish on the Solana (SOL)-based memecoin dogwifhat (WIF). The analyst shares a chart suggesting that WIF has broken above a multi-month resistance level.

“Strap in, are you ready for round 2?”

At time of writing, WIF is trading for $2.01, well above its diagonal resistance.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Elena Abrazhevich/INelson