Uniswap, a popular decentralized crypto exchange, has seen its utility token, UNI, plummet 12% in the last 24 hours, currently trading at $9.86. This decline follows a brief surge last week, where UNI outperformed other top 20 assets by market cap, reaching a high of $10. However, the token has since fallen below this resistance level, dampening longer-term bullish prospects.

The crypto market as a whole is experiencing a downturn, with Bitcoin and altcoins like Uniswap posting significant losses. The total market capitalization has dropped 1.95% in the last 24 hours, currently standing at $2.35 trillion. Analysts are divided on the market's future direction, with some predicting a recovery and others anticipating further declines.

Despite the current slump, Uniswap's UNI token has shown resilience, with its daily trading volume increasing by 12% to $290 million. This suggests that bullish momentum remains, and a flip in market sentiments could lead to a short-term recovery. However, achieving double-digit gains similar to last week's high will require renewed activity from whale investors.

The crypto market's recovery hinges on a shift in macroeconomic factors and bullish whale activity. If these factors align, Uniswap and other crypto assets could experience a rebound. Bitcoin's price drop below $65,000 has dragged down the prices of other crypto assets, including Ethereum, which fell over 2%. A change in fortunes for these assets will depend on a reversal in market trends.

In conclusion, Uniswap's price struggles reflect the broader crypto market downturn. While a short-term recovery is possible, achieving significant gains will require a shift in market sentiments and renewed activity from whale investors. As the market navigates these uncertainties, traders and analysts remain cautious, eyeing potential signs of a rebound.