Uniswap (UNI) extended its bullish rally on August 27, gaining 6.89% to reach $4.68 before facing rejection near $4.84 and settling at $4.57 at press time. Data from Coinalyze showed open interest cooling slightly while funding rates approached neutral levels. Spot demand strengthened, as evidenced by a rising Spot CVD, while whale accumulation and steady token burns reinforced a scarcity narrative. The daily chart confirmed a bullish swing structure after surpassing a key local high of $4.57. However, a short-term consolidation phase may emerge following the sweep of overhead liquidity pockets and rejection below $5.
Uniswap (UNI) continued its strong bullish performance on Thursday, August 27, with a daily rally of 6.89% from $4.38 to $4.68. Before press time, the DeFi altcoin faced rejection after moving to $4.84 and was trading at $4.57.
Coinalyze data revealed that Open Interest has cooled down slightly, with the funding rate close to neutral levels. The Spot CVD climbed on the charts in recent days, underscoring strong spot demand behind the price gains.
Whale accumulation and steady UNI token burns have helped maintain the scarcity narrative. This raised the question: “Are the spot demand and bullish narratives enough to keep the uptrend going?”
In May, a lower high at $4.17 was registered, after which a wave of selling sent UNI to a low of $2.31 by early June. By the end of July, this high had been surpassed, establishing a bullish swing structure.
A pullback to $3.18 in mid-August was followed by another rally past the $4.57 local high, affirming the bullish structure. The OBV has trended higher since July, showing steady buying that accelerated in mid-August.
The momentum shift was also evident on the MACD and the Awesome Oscillator. The dense magnetic zones above $4 built up over the past month have been swept, and an approach of the $5 level took out another cluster of short liquidations.
A noticeable pocket of long liquidations may be beginning to build up around $4. From the daily chart, bullish price targets of $5.11 and $5.97 remain valid.
However, a consolidation phase could take shape in the coming days to build up the next liquidity pockets for UNI’s price to target.
