Recent discussions on Uniswap's price trajectory suggest a potential rebound in the near term, especially if it breaks the $10 resistance level.

The price of Uniswap (UNI) dropped significantly on Wednesday following the U.S. Securities and Exchange Commission's (SEC) submission of a Wells Fargo notice to the decentralized exchange, indicating a potential lawsuit. However, the price drop was contained at $8.8 on Thursday, as the FUD (fear, uncertainty, and doubt) surrounding the altcoin appeared to subside.

Possible Uniswap Price Rebound

According to on-chain data, discussions around Uniswap have surged, which could lead to an upward price reversal. This surge in discussions follows the SEC's warning to Uniswap Labs regarding potential enforcement actions, causing a spike in UNI token discussions and circulation.

Previous instances show that assets often experience a bounce-back effect after an overly pessimistic narrative, as seen in the XRP saga with the SEC. Uniswap's market capitalization has dropped by 38% in the past month, but this could change as the FUD subsides.

Uniswap Price and Key Developments

At the time of writing, Uniswap is trading at $9.09 with a market cap of $5.44 billion. Currently, the UNI price is below the $10.00 mark and the 100 simple moving average over a 4-hour period. Key resistance levels include $9.45, the 23.6% Fibonacci retracement level of the recent downward move, and $10.25 or the trend line.

A decisive close above $10.25 could lead to further upward momentum in the short term, with the next notable resistance level around $11.80. If the bullish trend continues, the UNI token could target $12.00, potentially extending gains toward $13.50.

Despite regulatory challenges, Uniswap Labs is advancing key developments, such as collaborating with Across, a cross-chain protocol, to introduce a new standard for cross-chain intents. This joint proposal aims to facilitate interoperability among intent-based systems, enabling the transfer or interaction of assets and protocols across various blockchain platforms.