While the broader cryptocurrency market consolidates, Uniswap's native token UNI has made a strong move, rallying more than 17% and breaking past the $10 mark. As of press time, the Uniswap (UNI) price is trading at $10.75, with its market cap surging to $6.5 billion. The daily trading volume for Uniswap has also seen a 30% jump, shooting past $510 million.

Uniswap's Legal Battle and Ethereum Developments Fuel Price Rally

The major reason behind this Uniswap price rally has been the decentralized exchange's (DEX) firm stance in its legal battle with the U.S. Securities and Exchange Commission (SEC). Uniswap has pledged to challenge the SEC after receiving a Wells notice from the agency, asserting that the SEC's case is "weak."

Additionally, current developments within the Ethereum ecosystem have contributed to this price surge. On-chain data shows massive whale withdrawals from crypto exchanges after the spot Ethereum ETF news.

Uniswap (UNI) has broken out of a 35-day consolidation phase this week, indicating a potential rally that could boost the token's price by approximately 30%. Technical indicators and on-chain data both support this bullish outlook. If the bullish momentum around Uniswap continues and the UNI price sustains above $10.61, it can lead to a further rally all the way to $12.80.

Santiment's Age Consumed index supports the bullish outlook observed from a technical perspective. Spikes in this index indicate that dormant tokens are on the move, often signaling short-term local tops or bottoms. Historically, for UNI, these spikes have preceded price rallies. The latest increase on April 25 suggested that UNI was poised for an uptrend.

Liquidations and Open Interest

As per data from Coinalyze, more than $1.2 million in Uniswap liquidations have happened in the last 24 hours. Of these, more than $780K short positions have been liquidated, while more than $380K of UNI long positions have been liquidated.

The open interest has shot up by 38% in the last 24 hours to $120 million, showing that the bulls are taking charge of the recent price rally.

Uniswap's strong performance amidst the market consolidation highlights the token's resilience and the growing confidence in the decentralized exchange. As the legal battle with the SEC unfolds and the Ethereum ecosystem continues to evolve, Uniswap's price action will be closely watched by the crypto community.