Uniswap price surged with a powerful “god candle” on July 18, driven by continued whale accumulation and a bullish rounded-bottom pattern forming on the daily chart.
UNI rallied 23% to hit an intraday high of $10.75 before settling around $10.66 at the time of writing — marking a gain of over 120% from its year-to-date low.
Daily trading volume also spiked, jumping 76% in the past 24 hours to reach $1.6 billion, while Uniswap’s market cap climbed to $6.39 billion.
This sharp price rally appears to be largely fueled by aggressive whale activity. According to data tracked by the crypto.news team, large holders have accumulated at least $26.8 million worth of UNI in the past week alone.
Supporting this, data from Nansen shows whale wallets now hold 5.83 million UNI tokens — a 67.8% increase over the last 30 days.
The ongoing whale accumulation appears to have triggered a ripple effect, drawing in a wave of retail investors as well.
According to CoinGlass data, open interest in Uniswap’s futures market surged 27% in the past 24 hours, reaching $763.68 million — a sharp rise from around $240 million in May. This indicates growing trader participation and larger bets being placed on UNI’s price action.
The funding rate has also climbed, rising from 0.0049% to 0.0233% within a day. This uptick suggests a surge in long positions, as traders are increasingly willing to pay a premium to maintain their bullish bets — a sign of growing confidence in further upside potential.
Uniswap’s rally has also benefited from Ethereum’s recent rebound, which has lifted sentiment across the broader DeFi landscape. As Ethereum’s leading decentralized exchange, Uniswap is riding this renewed momentum.
Reflecting this strength, the total value locked (TVL) in Uniswap has surpassed $5.71 billion for the first time since February, rising approximately 21% since late June.
Uniswap price analysis
On the daily chart, Uniswap has been forming a rounded bottom pattern since January — a classic bullish reversal setup in technical analysis. Also known as a saucer bottom, this pattern features a gradual price decline followed by a slow, steady recovery, creating a smooth, curved shape that signals a potential shift from bearish to bullish momentum.
The neckline of Uniswap’s rounded bottom pattern is positioned at $15.69, with the base of the formation established at $4.59 back in April.
Adding to the bullish outlook, the 50-day simple moving average is on the verge of crossing above the 200-day moving average — a golden cross — which is widely seen as a strong technical indicator of a sustained uptrend and could further reinforce upward momentum.
If Uniswap continues to follow through on the rounded bottom pattern, the next major target lies at $12. This level also coincides with the 50% Fibonacci retracement zone, making it a key resistance area. A clean breakout above $12 would significantly boost the chances of a full pattern completion at the neckline level of $15.69 — representing a 48% upside from the current price.
If bullish momentum persists beyond that point, UNI could be set for a parabolic move, potentially unlocking much higher price levels in the weeks ahead.
