Uniswap Price Surges on BlackRock BUIDL Fund Launch and Whale Accumulation

The cryptocurrency market has seen significant fluctuations in recent times, and Uniswap's price is no exception. After experiencing a 15% surge to $4, the token is currently trading at an all-time high.

This increase can be attributed to BlackRock's BUIDL fund going live on UniswapX, which has attracted fresh whales to the platform. Whale wallets, which had been selling UNI tokens for weeks prior to this, have begun accumulating again, adding 1.61 million UNI tokens to their holdings.

The cup-and-handle pattern that is currently forming on Uniswap's chart suggests a potential price target of $6.20 with a 40% upside if the support level of $3.25 holds during any pullback. This technical setup is further supported by regular bullish divergence, which has been appearing between January 31 and February 24.

While the year-over-year trend for Uniswap's price remains negative, reversals can start inside downtrends. The combination of BlackRock's BUIDL fund going live and the fee burn activation could be the catalysts that drive Uniswap's price upwards.