Uniswap Token UNI Trading at $2.92 – 93 Percent Below All-Time High

The governance token UNI of the decentralized crypto exchange Uniswap is trading at $2.92 on June 29, 2026 and has a market capitalization of $1.81 billion. The 24-hour trading volume amounts to $114.08 million.

The price increased by 0.36 percent over the past 24 hours. The price range moved between $2.88 and $3.04. From its all-time high of $44.97, which UNI reached on May 3, 2021, the token is currently 93.5 percent below. Uniswap marked its all-time low on September 17, 2020 at $1.03.

Technical Analysis Shows Bearish Structure

The technical analysis from June 28, 2026 shows a mixed picture. The 14-day RSI stands at 51.23 and indicates neutral momentum conditions. The 50-day average is trading at $3.11, the 200-day average at $3.91 – both above the current price.

The Bollinger Bands show resistance at $3.37 and support at $2.33. The distance between the bands signals increased volatility of 8.94 percent. On June 28, the price briefly jumped to $2.97 but fell back to $2.92 due to selling pressure. A support zone lies at $2.87.

The Fear & Greed Index stands at 18 points, indicating extreme fear in the market. Market sentiment is classified as bearish. Over the past 30 days, UNI recorded rising prices on 10 days, which corresponds to a ratio of 33 percent.

Forecasts See Medium-Term Potential

A forecast published on June 6, 2026 sees potential highs of $3.51 for the current year. For 2028, an average price range between $5.10 and $5.87 is expected. By 2032, the average price could be $11.64, with a maximum of $12.40.

Uniswap as Leading Decentralized Exchange

Uniswap is a decentralized exchange (DEX) founded in 2018 by former mechanical engineer Hayden Adams. The protocol runs entirely on the Ethereum blockchain and enables the exchange of Ether (ETH) for ERC-20 tokens without central intermediaries.

The protocol uses an Automated Market Maker (AMM) model instead of an order book. Liquidity pools consist of reserves of two ERC-20 tokens, whose prices adjust automatically based on the pool state. Price discovery follows a constant product formula: larger trades relative to pool depth generate higher price impacts, while smaller trades are executed closer to the spot price.

On June 22, 2026, Uniswap described itself as the "most trusted decentralized crypto exchange" and offers fee-free swaps across multiple networks, including Ethereum, Unichain, Solana, and Base.

Development Across Three Protocol Versions

Uniswap v2 uses fungible ERC-20 pool tokens that represent proportional reserves. Uniswap v3, introduced as a further development, uses concentrated liquidity with positions as ERC-721 NFTs via the NonfungiblePositionManager. Liquidity providers thereby gain enhanced control over their capital allocation and can choose from multiple fee tiers.

Uniswap v4 relies on ERC-6909 for internal position accounting via the PositionManager. On November 12, 2025, TokenJar and Firepit implementations with adapters for v2, v3, and Unichain were completed. PFDA, v4, Aggregator Hooks, and Bridge Adapters for Layer-2 and Layer-1 fees were in development at that time.

Governance Through UNI Token

The UNI token serves as the protocol's governance token. Token holders vote on critical parameters, including the use of the community treasury, deployment of the protocol on new blockchains, and adjustments to fee tiers.

Of the total 1 billion UNI tokens, between 621.27 and 622.78 million tokens are in circulation (as of June 29, 2026). This corresponds to a circulation ratio of approximately 62 percent.

Competitive Environment in AMM Sector

Uniswap is considered the foundational AMM model in the decentralized finance sector. Curve expanded AMM flexibility through Tripools and reduced fees and slippage costs compared to Uniswap's equally weighted two-token pools, according to the status as of May 22, 2025. Balancer further developed the AMM formula by offering even greater customization options for pool parameters.