Uniswap [UNI] Approaches Key $8 Resistance as Spot Buying Grows Despite Futures Caution

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Key Takeaways:

• Rising UNI transactions and a positive 90-day spot taker CVD highlight growing user demand.
  
• Elevated retail futures activity raises caution about a possible local top.
  
• The $8 level remains a key test for both bulls and bears in the coming days.

After months of downward pressure, Uniswap’s native token [UNI] is showing signs of recovery. The decentralized exchange (DEX) token plunged nearly 74% from its December 2024 high of $19.47 to its April 2025 low of $4.55. Since mid-May, however, the asset has staged a modest comeback, supported by key technical levels and improved on-chain data.

Despite encouraging signs, conflicting signals between retail futures activity and spot buying pressure may complicate the short-term outlook.

On-Chain Data Signals Growing Interest in Uniswap

One of the most notable bullish indicators has been the rising number of UNI transactions. According to CryptoQuant, the 7-day moving average of Uniswap token transactions has steadily climbed since mid-April, reflecting increased demand and utility of the token.

Supporting this trend, DefiLlama data revealed that Uniswap’s trading volume saw a notable uptick in May and June. However, the volume began to decline as July began—raising questions about whether this is a temporary slowdown or the start of a broader reversal.

Retail Futures Activity Hints at Overheating

Retail interest in UNI futures has surged, echoing patterns seen during prior local tops in December and January. CryptoQuant data shows retail investors are now once again trading more frequently and with larger position sizes.

This trend can sometimes signal an overheated market, where speculative fervor outweighs fundamental strength. If history repeats itself, UNI could be facing near-term downside unless supported by stronger institutional or spot buying momentum.

Spot Taker CVD Shows Stronger Bullish Momentum

In contrast to futures activity, the 90-day spot taker CVD (Cumulative Volume Delta) tells a more optimistic story. The metric has remained bullish since mid-May, indicating that market orders—typically used by more aggressive buyers—are dominant.

This buyer-driven momentum in the spot market suggests that demand for UNI may be deeper and more sustainable than retail futures activity implies. It’s a sign that could bolster confidence for those waiting to enter a long position.

Also Read: Polemos Launches $PLMS Token On MEXC and Uniswap, Advancing Web3 Gaming Infrastructure

From a technical perspective, UNI’s daily chart reveals increasing bullish strength. The token is currently trading above its 20- and 50-day moving averages, and the Relative Strength Index (RSI) is comfortably above the neutral 50 level. However, the Chaikin Money Flow (CMF) sits at -0.1, indicating net capital outflows.

All eyes are now on the $8 resistance level, which could serve as a pivotal short-term battleground. A successful flip of this level into support may open the door for more upside. Conversely, failure to break above could invite a bearish reversal.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.