Uniswap's native token, UNI, is trading near $3.38 after gaining 3.3% in the past 24 hours, extending its weekly and monthly advances to 16.4% and 34.1%, respectively. The token's recent rally is underpinned by expanding trading activity beyond Ethereum, with Robinhood Chain quickly becoming a key catalyst for the decentralized exchange ecosystem.
Robinhood Chain Drives Uniswap Growth
Robinhood Chain, the blockchain launched by Robinhood Markets, has emerged as Uniswap's second-largest deployment by 24-hour trading volume within roughly a week of its launch, trailing only Ethereum and surpassing Base. Daily trading volume on the network has reached approximately $500 million, signaling strong early adoption. The chain has also accumulated over $78 million in total value locked (TVL) and nearly 200,000 unique addresses in its first week.
A significant contributor to this growth was Ethena's $50 million deposit into a Morpho vault managed by Steakhouse Financial, which drove a sharp TVL spike over a 24-hour period. Robinhood Chain launched with multiple Uniswap versions—v2, v3, v4, and UniswapX—available from day one, supporting trading in wrapped Ether (WETH), memecoins, and tokenized stocks linked to companies like Nvidia, Apple, and Alphabet.
These developments have increased attention on the broader Uniswap ecosystem at a time when decentralized finance continues to compete for liquidity across multiple blockchain networks. For context, ARB surged 8% on Robinhood Chain's launch, highlighting the network's growing influence.
Technical Setup Points to Key Resistance
UNI's technical picture remains constructive despite approaching a critical resistance area. The token is trading above its 10-day, 20-day, 50-day, and 100-day exponential moving averages (EMAs), indicating bullish alignment across short and medium time frames. However, it remains below its 200-day EMA, suggesting the longer-term trend has yet to fully reverse.
The 14-day Relative Strength Index (RSI) stands at 66.35, placing UNI in neutral territory and approaching the overbought threshold of 70 without signaling exhausted momentum. The token is currently testing the $3.36 support level, a zone traders are watching closely. Holding above this level would preserve the recent bullish structure.
The first major resistance sits at $3.44. A confirmed close above that level would shift attention to the next upside target at $3.58. Conversely, losing the $3.36 support could expose UNI to a decline toward the next support at $3.28.
Security Incidents Highlight Wallet Risks
Recent headlines have drawn attention to wallet security, though they are not linked to weaknesses in Uniswap's protocol. A phishing attack exploiting Permit2 approvals resulted in losses of around $1 million, while another incident involved approximately $196,000 in losses. These cases underscore the growing risks of fraudulent approval requests rather than vulnerabilities within the decentralized exchange itself.
For now, UNI's short-term trajectory will likely depend on whether it can defend the $3.36 support and generate enough momentum to break above $3.44. A successful breakout would place $3.58 into focus as the next technical target, while continued ecosystem expansion through Robinhood Chain provides a notable backdrop for recent market optimism. Meanwhile, Cash Cat soared 1,400% on Robinhood Chain hype, further illustrating the network's impact on token activity.
This article is for informational purposes only and does not constitute financial advice.
