Uniswap (UNI) trading volume has increased by 150% within the last 24 hours, surpassing $400 million for the first time in almost 10 days.

This development happened after the South Korean exchange Upbit listed new trading pairs for the altcoin.

Uniswap (UNI) has seen a significant increase in trading volume, with a 150% rise over the last 24 hours, pushing it past the $400 million mark for the first time in nearly 10 days. This surge follows the listing of new trading pairs for UNI on the South Korean cryptocurrency exchange Upbit.

Initially, Upbit only offered a Bitcoin (BTC) trading pair for Uniswap (UNI) on its spot market. However, the exchange announced on Friday that UNI has been paired with additional currencies, including the Korean Won (KRW) and the USDT stablecoin.

Before this announcement, Uniswap’s trading volume was below $200 million, with its price hovering around $7.40. Following the news, UNI’s price surged to $8.33, while its trading volume skyrocketed, reaching $470 million.

This sharp increase highlights the growing interest in UNI from the Asian market, which is not entirely surprising. Past Upbit listings have shown similar effects, with MEW hitting a new high after its listing and Injective (INJ) rising by 10% after its own Upbit listing last week.

In addition to the surge in volume, the number of active addresses on the Uniswap protocol also climbed. Active addresses measure the quantity of users successfully completing transactions on the blockchain. An increase in this metric indicates growing user engagement, which can potentially drive prices higher.

On the other hand, a drop in active addresses signifies low user interaction, which might lead to a substantial price decline if sustained. Given the current uptick in network activity, there is a possibility that UNI’s price could continue to rise if this trend continues.

Examining UNI’s daily chart, its surge above $8 ensured that it broke out of a descending triangle. For those unfamiliar with the term, a descending triangle appears when a cryptocurrency’s price hits lower highs, helping to form the falling trendline with horizontal support.

When it drops below the support, the price might continue to fall. But since UNI’s price broke out of the pattern, it suggests that the altcoin could go higher. Should the token remain above the technical pattern, then the price could rise to $9.04. In a highly bullish case, it could rally toward $11.51.

However, if Uniswap’s trading volume drops, this prediction might be invalidated. In that scenario, the altcoin’s value might sink to $5.62.

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