$UNI Back above $7, I remain bullish on this relative strength move: the current price is around $7.03, up about 1.1% over the past 24 hours, with an intraday high near $7.21 and low near $6.90. Over the same period, BTC is down about 0.4% and ETH about 0.5%. UNI is holding up better despite broader market weakness, recovering much of its losses over the past 48 hours from a low near $6.65.

First, on-chain volume is back. According to DefiLlama, Uniswap's DEX trading volume over the past 24 hours was about $1.95 billion, up roughly 44% from the previous day; TVL is around $3.7 billion. Second, expansion continues: Uniswap announced on October 26 that it will deploy on the Elysium chain, with details to come. This follows the launch of Aggregator Hooks on October 22, which also routes protocol fees from external aggregators into UNI burns. Third, derivatives don't look overheated: OKX perpetual open interest is about $37.5 million, with a funding rate near 0.01%, indicating a neutral-to-positive market.

Short-term risks are worth watching too: spot trading volume remains below the 30-day average, and the FOMC meeting is this week (the announcement is early Thursday morning Beijing time). Do you think UNI can hold above 7.0 and keep challenging 7.2, or will it pull back to 6.9 first before moving higher?

$UNI $ETH

The above reflects only my personal observations and does not constitute investment advice.