Decentralized cryptocurrency exchange Uniswap (UNI) has reached two significant milestones in network usage. Daily active addresses have reached their highest level in the past year, while newly created addresses have seen the strongest increase since September 2020.
According to shared data, the number of daily active addresses on the Uniswap network has risen to 14,591. During the same period, 13,137 new UNI addresses were created, marking the highest network growth in approximately six years.
The increase in network activity followed technical improvements made to the Uniswap ecosystem.
The Aggregator Hooks feature enables the routing of external liquidity through the Uniswap v4 infrastructure, while the VolatilePair Hooks enhancement expanded the scope of dynamic pricing mechanisms.
Additionally, the planned OP Enterprise upgrade for Uniswap’s second-layer network, Unichain, is expected to take place on October 29th.
With the activity in the ecosystem, signs of recovery have also been observed in the UNI price. While the token is trading around $7.25, the $7 level stands out as a critical support in the technical view.
According to the analysis, the fact that the UNI price remains above $7 and the number of active addresses maintains high levels could support the possibility of a continuation of the upward trend.
In upward movements, the $7.50 level is being watched as the first significant resistance and for confirmation of the strengthening momentum.
It is believed that if this level is surpassed, the $8 region could come back into focus.
Conversely, the drop in the UNI price below $7 and the significant decrease in network activity may indicate that the increase in end-users is a temporary trend rather than sustainable growth.
While current data points to a strong increase in Uniswap usage, there is no certainty that this will translate into a long-term price hike.
*This is not investment advice.
