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Uniswap Gains 12%, Solana Reclaims $150 as the Crypto Market Shrugs FOMC

Uniswap and other cryptocurrencies have seen notable increases in the last 24 hours. The altcoin is up by over 12% as it reclaimed $10.

UNI lost over 13% as the crypto market bled during the previous intraday session. Due to the decline, it lost its 20-day support. The latest surge saw it reclaim the lost mark. Reclaiming $10 shows that the coin is close to full recovery.

With the bearish sentiment in the rearview, traders can now look at other prospects. One such prospect is the announcement by the Uniswap CEO, Hayden Adam. He hinted at the removal or significant decrease in the gas fee a few days ago, taking to X to say, “No user should hear of the term gas fee.”

The latest increase had very little impact on the altcoin’s prospects for the coming days. The indicator was barely affected by the most recent surge.

The moving average convergence divergence continues its downtrend. Following the June 6 negative divergence, the 12-day EMA sank further. The previous day’s decline saw the metric drop below 0.40. However, despite the latest surge, it has yet to recover.

Nonetheless, the relative strength index is up in response to the latest trend. It recovered to the level it was at two days ago which may translate to an impending uptrend as volume improves. The metric also point to the notable increase in buying pressure.

Gideon Geoffery