Uniswap price has pulled back to $9.53 after briefly approaching $11 on Sept. 23, leaving UNI up 5.1% over the past 24 hours and more than 50% over the past week.
CoinGecko data at the time of writing showed UNI had gained 51.5% over seven days and 121.6% over the past 30 days, despite retreating from an intraday high near $10.90.
The token had already climbed from close to $6 on Sept. 17 to around $9 before the latest move.
UNI recorded around $2.43 billion in 24-hour trading volume over the previous day’s trading session, while its seven-day gains left it well ahead of Bitcoin over the same period.
CME Group’s plans to introduce regulated Uniswap futures have provided the clearest catalyst for the latest leg of the rally.
The derivatives exchange announced on Sept. 22 that UNI futures are scheduled to launch on Oct. 19, subject to regulatory review.
Under the planned product structure, standard Uniswap futures will represent 10,000 UNI, while Micro UNI futures will cover 1,000 UNI.
The contracts would give professional and institutional traders access to regulated UNI futures for gaining exposure or hedging existing positions.
UNI moved higher following the announcement and continued climbing on Sept. 23 before sellers emerged near $11.
The price reached the $10.80 to $10.90 area before falling back below $10.
Derivatives positioning has risen alongside the spot market.
UNI futures open interest was near $971 million as the token tested the $11 area, indicating that leveraged positions had grown during the move.
Higher leverage can support larger price swings in either direction if traders begin closing positions or face liquidations.
Uniswap’s protocol fee mechanism provides a separate fundamental driver behind the recent price narrative.
Active since December 2025, the mechanism uses collected protocol fees to permanently burn UNI instead of distributing the revenue directly to token holders, according to Uniswap’s documentation.
Governance participants are considering extending protocol fees to Arc, Circle’s Layer 1 network.
Uniswap v2, v3, v4, and UniswapX were deployed on Arc at launch, while the current proposal would activate protocol fees and UNI burns from activity on the network.
Voting on the Snapshot proposal runs from Sept. 18 through Sept. 23 before a possible on-chain vote.
If approved and implemented, activity generated through Uniswap on Arc could contribute to the protocol’s UNI burn mechanism.
Protocol usage has remained active during the price move. CoinGecko figures showed Uniswap generating around $4.07 million in fees over 24 hours and roughly $442,000 in protocol revenue.
UNI price analysis
UNI’s rejection from $10.80 to $10.90 has brought the price back to around $9.54 on the 4-hour chart, but the structure that preceded the breakout has not yet been lost. See below.
Parabolic SAR sits at $9.39, just below the current price. UNI remaining above the indicator keeps the 4-hour trend intact for now, while a sustained move below $9.39 would signal that the pullback from $11 is gaining ground.
Aroon gives a similar reading. Aroon Up stands at 88% against Aroon Down at 12%, showing that recent highs still dominate the 4-hour trend despite the latest red candles.
Aroon Up falling while Aroon Down rises would weaken that signal, particularly if UNI loses $9.39 at the same time.
The $9 area provides the next visible support if $9.39 fails. UNI spent several sessions consolidating between roughly $8.60 and $9.20 before breaking higher on Sept. 23, making the former consolidation zone relevant if sellers continue to push the price lower.
On the daily chart, UNI remains well above the Ichimoku cloud. The Tenkan sen is near $8.47, and the Kijun sen sits around $7.65, while the upper portion of the projected cloud is close to $8.06.
UNI/USDT 1-day price chart. Source: TradingView.
Price trading above each of those levels keeps the larger trend pointed higher despite the rejection near $11.
Chaikin Money Flow remains positive at 0.05. The reading has cooled from levels close to 0.30 seen around the end of August, but it has not fallen below zero, indicating that buying pressure has not completely given way to selling pressure.
A recovery above $10 would put the $10.80 to $11 zone back in focus.
A daily close above $11 would clear the latest rejection high and could open a move towards $12, with the level serving as the next major psychological target visible above the current range.
Failure to hold the 4-hour Parabolic SAR level around $9.39 would instead expose $9, followed by the daily Tenkan sen near $8.47.
A break below $8.47 would weaken the current daily structure and bring the $8.00 to $8.06 region around the projected Ichimoku cloud into focus.
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