UNI, the native token of the Uniswap decentralized exchange, jumped over 23% in the past 24 hours to trade above $3.60. The rally pushed its seven-day gains to nearly 50% and lifted the market capitalization to $2.2 billion. The move was triggered by a forecast from Standard Chartered, the London-based international bank.
The catalyst: a bank's forecast
Standard Chartered issued a prediction that sent UNI into overdrive on Wednesday. The exact contents of the forecast haven't been publicly detailed, but traders reacted swiftly, piling into the token. The bank has a track record of making bold calls on digital assets, and this latest projection appears to have caught the market's attention.
Market moves in 24 hours
UNI's price action stands out even in a crypto market that has seen scattered rallies this week. The token climbed from around $2.90 to break through $3.60, a level it hadn't held since late last month. Trading volumes spiked alongside the price, suggesting genuine buying pressure rather than a brief squeeze. The market cap gain of roughly $800 million in a single day underscores the size of the move.
The surge also lifted other decentralized-exchange tokens, though none matched UNI's percentage gains. Bitcoin and ether traded relatively flat during the same window, making UNI's jump even more notable.
With the catalyst coming from outside the Uniswap ecosystem, the rally's sustainability hinges on whether the Standard Chartered forecast translates into lasting demand. The token now sits at a resistance zone just above $3.60, and traders are watching to see if it can hold those gains. No further details on the forecast have emerged, leaving the market to guess at the bank's full outlook.
