Uniswap (UNI) recently broke out of a descending channel, showing strong bullish momentum with rising trading volumes. Currently priced at 14.85 USD, the token has seen a 2.32% increase. This rally reflects renewed trader interest, with a notable 30.48% surge in 24-hour trading volume. The breakout signals potential for sustained upward momentum.

The 16 USD resistance is critical for UNI’s continued growth. Traders are optimistic, but the Movement facing this resistance will determine if momentum can be sustained or face temporary retracement. The importance of this level is underscored by its potential to shape future price action for the altcoin.

On-chain data shows positive investor sentiment surrounding UNI, with 20% of addresses showing profits. Exchange reserves of UNI dropped slightly, suggesting reduced selling pressure. Mixed long/short trader positions may lead to a short squeeze, enhancing bullish momentum if it strengthens.