With the broader market getting hit so hard lately, $UNI has held up remarkably well. The logic is actually pretty clear: when the market panics, money isn’t fleeing indiscriminately—it’s moving toward places with “real revenue and deflationary mechanics.”

First, people are actually using it: daily active users once surged to 14,600, a new high for the year, and new addresses also spiked. 30-day trading volume is still around 60–70 billion, and the leading DEX hasn’t fallen behind.

Second, the value loop is really kicking in: the fee switch is on, with fees used to buy back and burn tokens. v4’s Aggregator Hooks can also route trading fees from external routes into UNI burns. Revenue, burns, and a shrinking supply—during a bear market, that’s worth more than a good story.

Third, capital is looking for assets whose valuations can be calculated, and UNI sits right at the intersection of being the leading DEX, generating real revenue, and having burns in place.

But the short-term trend is still weak, with support at 6.6 and then 6.25, and resistance at 7.16–7.25. To be precise: it’s holding up relatively well and finding support, not immune to drops. Anyway, now you know why it can recover.