Uniswap (UNI) looks ready to post its best monthly performance in more than a year as it rallied approximately 80% in July, but signs of an extended pullback in the near term are emerging.
Uniswap price nearly doubles in July
UNI’s price is having one of its best months ever, reaching nearly $9 on July 30 versus nearly $5 at the beginning of the month, best returns since January 2021’s 250% price rally.
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UNI/USD monthly price chart. Source: TradingViewMerge FOMO an UNI “fee switch” proposal
Uniswap’s gains primarily surfaced due to similar upside moves in a broader crypto market. But they turned out to be relatively massive due to an ongoing euphoria surrounding “the Merge.”
Notably, the Ethereum blockchain’s potential transition from proof-of-work to proof-of-stake in September has triggered a