Uniswap (UNI), the governance token of the largest decentralized exchange (DEX) by trading volume, has emerged as one of the stronger-performing decentralized finance (DeFi) tokens since mid-June, climbing from a local low of approximately $2.27 to trade near $3.82 at the time of writing — a gain of nearly 68% in just over a month. The steady recovery has been characterized by a series of higher highs and higher lows, reflecting sustained buying interest as bulls have gradually regained control of the trend.

With UNI now trading just below the $3.95–$4.05 resistance zone — a level that has rejected multiple breakout attempts since February — the coming sessions could prove decisive. A successful breakout above this supply region would confirm a bullish continuation pattern and potentially open the door for a move toward the psychological $5.00 level.

Surge in Daily Active Users Reflects Growing Network Adoption

On-chain data reinforces UNI's bullish outlook, with user activity on the Uniswap protocol witnessing a sharp uptick over the past month. According to Token Terminal, daily active users have climbed from below 250,000 in late June to nearly 400,000, marking one of the highest levels recorded in recent months. Uniswap's deployment across multiple networks, including Ethereum Layer 2s such as Arbitrum, Optimism, and Base, has broadened its user base and contributed to sustained engagement across the decentralized trading ecosystem.

Higher user participation typically translates into increased trading activity, stronger protocol utilization, and healthier ecosystem growth. The consistent increase in active addresses indicates growing engagement across the Uniswap ecosystem, suggesting that the recent price recovery is supported by improving network fundamentals rather than speculative trading alone.

Rising Open Interest Reinforces Bullish Sentiment

Derivatives data indicates that traders are increasingly positioning for further upside. According to the Coinglass Open Interest chart, UNI's Open Interest has risen from approximately $170 million in late June to over $230 million, an increase of nearly 35% over the past month.

The simultaneous rise in both price and Open Interest indicates that fresh capital is entering the market, reflecting growing confidence among futures traders. However, market participants should monitor this metric closely as UNI approaches the $4.00 resistance zone. If Open Interest continues to rise alongside a breakout above resistance, it could signal sustained bullish conviction and increase the probability of a move toward $5.00.

Uniswap (UNI) Price Analysis

The Uniswap price has maintained a bullish market structure since rebounding from its June low near $2.27, forming a series of higher highs and higher lows. The recovery has been supported by an ascending trendline, which has acted as dynamic support throughout the rally and continues to keep buyers in control.

Price is now approaching a crucial supply zone between $3.95 and $4.05, and a decisive daily close above this resistance would mark a breakout from the multi-month consolidation range.

The On-Balance Volume (OBV) indicator continues to trend higher, suggesting sustained accumulation and increasing buying pressure as UNI advances toward resistance. Meanwhile, the Chaikin Money Flow (CMF) remains above the zero line at 0.05, indicating persistent capital inflows and reinforcing the bullish sentiment. However, the $3.95–$4.05 region remains the immediate hurdle for bulls.

Failure to secure a breakout could trigger short-term profit-taking and another retest of the ascending trendline near $3.10, which now serves as the primary support level. Until then, price action remains constructive, with the overall trend favoring buyers as long as UNI continues to trade above its rising support.

Key Price Levels:

• Immediate Resistance: $3.95–$4.05
• Psychological Resistance: $5.00
• Next Upside Target: $5.50
• Immediate Support: $3.50
• Trendline Support: $3.10–$3.20
• Major Support: $2.90
• Bullish Breakout Confirmation: Daily close above $4.05 with rising volume and Open Interest
• Bearish Invalidation: Daily close below the ascending trendline near $3.10

The Bottom Line: Will Uniswap Price Reach $5?

Uniswap (UNI) continues to exhibit a constructive technical structure, having rallied nearly 68% from its June lows while maintaining a sequence of higher highs and higher lows. As the governance token of the dominant DEX in DeFi, UNI's performance is closely tied to broader on-chain trading activity and sentiment toward decentralized exchange usage. The token is now approaching the critical $3.95–$4.05 resistance zone, where bulls face their biggest test in months.

A decisive breakout above $4.05 could pave the way for UNI to target the psychological $5.00 level, with stronger momentum potentially extending the rally further. However, failure to clear this resistance may invite short-term profit-taking and a retest of the ascending trendline.

For now, the broader outlook remains bullish, but traders should closely monitor price action, trading volume, and derivatives positioning as UNI approaches this pivotal breakout zone.