Uniswap (UNI) was amidst the all-time performers amid the top cryptocurrency tokens past marketplace capitalization in the previous 24 hours, logging ameliorate gains than other top cryptocurrencies, namely Bitcoin (BTC), Ether (ETH) and Binance Money (BNB).

On Wednesday, the UNI/USD exchange rate jumped 13.26% to hitting a seven-twenty-four hour period high of $25.68. Traders continued to bid college on the pair inbound Midweek, pushing its value higher to $26.07 at one point, up more than than 15% from the previous session's open of $22.66.

Market-wide recovery backside UNI gains?

The majority of UNI's gains in the previous 24 hours seems to have surfaced in the wake of a market-wide recovery.

For instance, the said timeframe witnessed Bitcoin, the benchmark cryptocurrency that enjoys heavy influence on the residue of the crypto tokens, climbed above $47,000 following a 4.85% upside move on Tuesday. Meanwhile, Ethereum saw its native nugget, ETH, rallying toward $3,500 in a iv.57% cost jump.

Elsewhere in the crypto market, BNB, XRP, Dogecoin (DOGE), Terra (LUNA) and Chainlink's LINK also rose. In contrast, smart contracts platform Solana's native asset, SOL, vicious 6.47% following a deprival-of-service disruption on its network.

At the aforementioned time, Cardano (ADA), i of Solana's peak rivals, dropped by more than one%.

The operation of the height fifteen cryptocurrencies in the past 24 hours. Source: Messari.io

At offset, the gains among the top tokens, including Uniswap, looked to take been helped by capital rotations out of SOL and ADA markets.

In detail, Solana's market place cap surged by more than than 400% quarter-to-appointment following its foray into the booming nonfungible token (NFT) sector, providing traders a decent opportunity to lock interim profits. Additionally, the network outage accelerated the profit-taking scenario.

On the other hand, Cardano attracted speculation because of its Alonzo upgrade, which made it a smart contracts platform for the get-go time since its launch. In addition, ADA's two,500% year-to-date performance gave traders adequate opportunities to "sell the news" and secure gains.

UNI holders are masters of 9.15 million MIR tokens

Uniswap'southward superior performance in the previous 24 hours besides took cues from speculation that holding UNI could grant them access to airdrop tokens.

In a recent notation, Brendan Murray, content marketing director at Boston-based blockchain assay firm Flipside Crypto, cited Twitter user Jr3225's research. The study cited many UNI holders failed to realize that they could claim nine.15 1000000 of the synthetic asset platform Mirror Protocol's MIR tokens via a December 2022 airdrop.

In comparing, LUNA stakers could claim more than free MIR tokens than UNI ones — MIR/USD has surged 200% this yr.

Total MIR claimed on the y-centrality, airdrop-type on the x-axis. Source: Twitter user Jr3225

The report, published Tuesday, coincided with the UNI price pump.

Uniswap technical outlook

Uniswap'due south latest rally had information technology test a support confluence made up of falling trendline resistance and the 38.ii% Fib line (~$26.093) of a Fibonacci retracement graph (drawn from a $42.89 swing high to $fifteen.lxx swing depression).

UNI/USD daily price chart. Source: TradingView

Sellers took control near the confluence, prompting UNI/USD to right by 4.59% to an intraday low of $24.50. Its adjacent back up target is — again — a confluence of 23.6% Fib line ($22.12) and the ascending trendline that overall constitutes a rising aqueduct.

Related: Institutional investors dominated the DeFi scene in Q2: Chainalysis written report

An interim bullish outlook entails UNI/USD breaking above $26.09 and stepping toward the next Fib levels ($29.30, $32.51, and so on) unless the pair reaches the ascent channel's upper trendline near $42.89.

Meanwhile, a bearish setup could encounter UNI/USD suspension beneath the $22.12 Fib line and the channel support to target $15.70.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves gamble, you should conduct your own research when making a determination.