**Uniswap Defies Institutional Sell-Off, Bitcoin Breaks $100K Barrier**

The crypto market roared back to life on Friday, with Bitcoin smashing through the $100,000 ceiling and igniting a buying frenzy across the board. Riding this bullish wave, major altcoins like Uniswap (UNI) seized the opportunity, staging impressive breakouts and hinting at even greater rallies to come.

Uniswap, in a particularly defiant display, surged nearly 20% to reach $17.9, boasting a market cap of $10.7 billion and a staggering $1.7 billion in 24-hour trading volume. This remarkable performance came despite significant UNI token sell-offs by institutional investors, proving the underlying strength of the platform.

**Charting a Course to $30?**

The UNI price action painted a compelling picture: a decisive breakout from a “cup and handle” pattern, a classic bullish signal that suggests a potential surge towards $30. While resistance is expected around $23 and $28, the overall momentum remains decidedly positive. This bullish outlook is further reinforced by the recent escape from a 35-month accumulation period, signaling a potential shift in market sentiment.

However, a word of caution: the Average Directional Index (ADX), a key momentum indicator, has entered “overbought” territory. This suggests that a temporary pullback may be on the horizon, allowing buyers to regroup before continuing their upward march. Think of it as a pit stop before the final sprint to $30.

**Institutional Giants Cashing In?**

While the UNI price soared, prominent investment firm Union Square Ventures (USV), an early Uniswap backer, transferred a hefty 473,000 UNI tokens (worth $7.68 million) to Coinbase Prime. This move followed a similar sell-off by Variant Fund, raising eyebrows and sparking speculation about institutional rebalancing strategies.

While large-scale transfers like these can often trigger downward pressure, Uniswap seemingly shrugged off the selling pressure, reinforcing the narrative of strong organic growth and demand. Despite the recent sales, USV still holds a massive 12.78 million UNI, valued at approximately $204 million, indicating continued confidence in the platform’s long-term prospects.

**The Road Ahead**

Uniswap’s journey from a November low of $6.6 to its current price represents a remarkable 173% gain. The breakout from the long-term “cup and handle” pattern further validates this bullish trajectory. While a brief consolidation period is likely, the path to $30 remains open, promising exciting times for UNI holders. The coming days will be crucial in determining whether Uniswap can maintain this momentum and achieve its ambitious price target.

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