Uniswap swept a cluster of short liquidations near $5 on Thursday before pulling back, extending a bullish structure that has held since July. Traders now watch whether spot demand and steady UNI burns can carry the token past $5.11 and $5.97, or whether a consolidation phase forms first.
Uniswap (UNI) rallied 6.89% on Thursday, 27 August, from $4.38 to $4.68, then pushed further to $4.84 before facing rejection. The token was trading at $4.57 at the time of writing.
Open interest has cooled slightly, with the funding rate close to neutral levels. The Spot CVD climbed in recent days, pointing to strong spot demand behind the price gains. Whale accumulation and steady UNI token burns have helped maintain the token's scarcity narrative.
In May, UNI printed a lower high at $4.17, then fell to a low of $2.31 by early June. That high was surpassed by the end of July, confirming a bullish swing structure. A pullback to $3.18 in mid-August was followed by a rally past the $4.57 local high, reaffirming the trend.
The dense liquidity zones above $4 built up over the past month have now been swept, and the approach toward $5 also cleared another cluster of short liquidations. A pocket of long liquidations may be beginning to form near $4.
The bullish price targets of $5.11 and $5.97 remain valid, though a consolidation phase could take shape first to build the next liquidity pockets.
Source: AMBCrypto
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