Uniswap jumps 22% on Standard Chartered $100 price target
In brief
- Uniswap surged 22.5% to $3.53 on Standard Chartered's $100 price target by 2030
- Bitcoin held near $65,800, up 7.4% weekly despite 0.3% daily decline
- Solana gained 14.7% weekly; Ether rose 1.4% to $1,793
- Oil fell below $79/barrel on US-Iran deal supply expectations
- RWA perpetual futures hit all-time high volume amid broader exchange decline
Analyst Catalyst Drives UNI Higher
Uniswap's UNI token jumped 22.5% to $3.53 after Standard Chartered initiated coverage with a $100 price target by 2030. The bank's digital assets research head Geoffrey Kendrick positioned the decentralized exchange as a foundational layer of the on-chain economy. The move marked one of the week's strongest single-day gains in major tokens.
Bitcoin, meanwhile, traded around $65,800 on Wednesday, down 0.3% over 24 hours but up 7.4% on the week. The largest token held its ground as markets absorbed the Fed's first rate decision under new Chairman Kevin Warsh, signaling cautious positioning ahead of potential policy shifts.
Altcoins Lead as Oil Falls
Altcoins outpaced Bitcoin's sideways action. Hyperliquid's HYPE rose 7.8% on the day and 34.3% on the week, while Solana added 14.7% over seven days even while flat on Wednesday. Ether gained 1.4% to $1,793 and is up 10.4% on the week.
The rally coincided with a broader risk-on sentiment driven by falling energy costs. Brent crude fell below $79 a barrel, its lowest in more than three months. The drop reflects bets that a US-Iran deal to reopen the Strait of Hormuz will unleash a wave of oil supply. The agreement gives Iran the right to sell oil immediately and access to a $300 billion development fund, easing inflation concerns that have weighed on risk assets.
Diverging Trends in Crypto Volumes
Macro momentum masks a divergence in crypto trading activity. In May, combined exchange volumes fell 3.45% to $4.41 trillion, the lowest since September 2024. Yet RWA perpetual futures volumes rose 10.4% in May, hitting a new all-time high. The shift suggests traders are rotating into tokenized real-world assets even as spot trading cools.
