The Uniswap price was preparing for new all-time highs as it continues to lead the momentum in the DeFi space

• The Uniswap price outperformed most cryptocurrencies and has been a leader in the DeFi industry.
• The digital asset hit a new all-time high of $ 15.75 on Jan. 29.
• On-chain metrics are extremely positive for Uniswap and have driven the price up.

Uniswap had one of the best performances in 2021, rising 237% to new highs almost every day. The digital asset ranked 15th on Coinmarketcap with a market cap of $ 4.1 billion.

Uniswap is leading as other DeFi projects follow the decentralized exchange

Although Bitcoin hit a new all-time high at $ 42,000, Ethereum has had big problems making a new all-time high and has been trading sideways for a week. On the other hand, Uniswap and other decentralized exchanges had a lot of success in 202.

As early as September 2020, Uniswap users received an air drop of 400 UNI per user. The governance token had a massive sell-off in the first few weeks. Surprisingly, however, the digital asset managed to rebound and hit new highs.

Just recently we saw a lot of drama with GameStop and the need for a decentralized exchange as one of the largest trading platforms, Robinhood, has stopped trading GME shares to thousands of customers and has also temporarily suspended cryptocurrency trading.

The Uniswap price could continue to rise as the metrics remain positive

Uniswap saw massive growth in the past week with 190% new addresses on the network and more than 150% active addresses compared to last week. This tremendous growth shows that Uniswap’s rally is healthy.

Uniswap diagram for new and active addresses

Around 31 new major owners have joined the network since the beginning of 2021. They hold between 100,000 and 1,000,000 coins. Similarly, the number of whales with 1,000,000-10,000,000 coins also increased by six.

Distribution diagram of the UNI holders

In addition, the liquidity provided on Uniswap has exploded from $ 2.17 billion in January 2021 to a new all-time high of currently $ 3.59 billion. This, of course, also increased the fees the exchange received, as well as the volume, which peaked on Jan. 11, to $ 1.33 billion on $ 3.99 million in fees. It appears that Uniswap price could continue its massive rally towards USD 20 without much resistance.

Uniswap statistics

However, on the 1-hour chart, Uniswap has set a symmetrical triangle pattern that could be close to a glitch. The loss of the support level at $ 14.3 could quickly push the Uniswap price towards $ 12.

UNI / USD 1 hour chart

The digital asset appears to be about to take a big leap as its trading volume has plummeted. The current Uniswap price of $ 14.5 is approaching a glitch.