The Uniswap price soared to the highest level since April this year as blue-chip DeFi tokens soared. The UNI token rose to a high of $8.60, which was about 145% above the lowest level this week. Other top DeFi cryptocurrencies like Lido DAO, Synthetic Network, Curve, and Compound rose by more than 10% on Thursday morning.
Blue-chip DeFi tokens surge
Uniswap price jumped sharply on Thursday as investors continued buying the dip of blue-chip DeFi cryptocurrencies. The rebound also happened as the total value locked (TVL) continued rising in the past few days.
For example, the TVL of all DeFi tokens surged to over $88 billion. This increase is a remarkable jump from the year-to-date low of about $70 billion. Uniswap has seen its TVL rise by about 30% to over $6.3 billion. This makes it the fourth-biggest DeFi platform in the world after MakerDAO, Lido, and AAVE.
Uniswap price has jumped also risen as investors wait for the upcoming merge between the current version of Ethereum and the Beacon Chain. This merge will make Uniswap and other Ethereum applications significantly faster and cheaper.
Further, the token is rising as investors believe that the big DeFi tokens will thrive just like companies like Cisco, PayPal, and Google did after the dot com bubble burst in 2000.
Finally, the coin is surging as investors believe that decentralized exchanges will thrive better than centralized ones. These platforms do well because of their open-source code. On the other hand, centralized exchanges like Voyager Digital and Celsius have all gone out of business.
Uniswap price prediction
In my last article on Uniswap, I wrote that the coin would rise to $5.60, which was accurate. The daily chart shows that the UNI price has been in a strong bullish trend in the past few days. The coin has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought point.
It has also moved slightly above the important resistance level at $8.14. Therefore, it seems like Uniswap has bottomed, meaning that the coin will continue rising as investors target the next key resistance at $10. A drop below the support at $7 will invalidate the bullish view.