Uniswap jumps on short squeeze but stays rangebound

Uniswap’s UNI token rose about 4–5% over 24 hours as traders covered short positions, pushing prices back toward the $3.10–$3.20 range.

The move follows a week of steady selling, with the rebound driven largely by derivatives flows rather than fresh long-term positioning.

Perpetual futures volume increased sharply while open interest only edged higher, signalling a flow-driven bounce rather than a structural shift in market sentiment.

Despite the gain, UNI remains well below the $4.00 level seen during governance-driven rallies earlier this year, reinforcing its position within a broader range.

Market data shows UNI trading near $3.10–$3.15 with a market capitalisation just under $2 billion, reflecting continued consolidation across recent sessions.

Historical patterns suggest traders are actively rotating positions rather than building exposure, with rising volume but flat open interest indicating range-bound conditions.

Without new governance catalysts or sustained inflows, UNI continues to behave as a liquidity-sensitive DeFi token, with any breakout dependent on stronger conviction and broader market support.

At the time of reporting, Uniswap price was $3.23.