Uniswap price surges 117% on $38M UNI buybacks plan
Uniswap price surged 117% from $4.73 to $10.30 after breaking out of a descending channel that had persisted since mid-August. The rally was driven by the “UNIfication” governance proposal, which would enable protocol-level fees for v2 and v3 pools and allocate roughly $38 million monthly to UNI buybacks. Uniswap price retains bullish bias as EMA9 crossed above EMA21 and trading volume spiked. Despite a slight pullback toward the $8.15 support level (0.618 Fib), volume remains elevated. The proposal’s 22-day voting process began on Nov. 11 and is expected to conclude around Dec. 3, potentially reinforcing positive momentum.
Bullish
Categorized as bullish because the UNIfication proposal introduces protocol fees and commits roughly $38 million monthly to UNI buybacks. This mechanism reduces circulating supply and signals strong revenue potential. The breakout from a long-term descending channel, EMA9/21 crossover, and surging volume confirm robust buying interest. Historically, token buyback schemes, such as Binance’s BNB burns and other DeFi buybacks, have led to sustained price gains. In the short term, traders are likely to capitalize on momentum while monitoring support levels for pullbacks. Long term, successful governance adoption and recurring buybacks could underpin UNI’s value proposition and drive further upside.