Uniswap Faces Selling Pressure After Binance Hack

UNI dropped 3.99% to $6.73 on October 30 as an attacker behind the Binance breach sold 7.02 million tokens for $39.63 million. The transactions began following unauthorized movements from Binance-controlled wallets on October 29. On-chain analysis by Lookonchain revealed the hacker converted the stolen UNI into approximately 70,480 ETH worth $158.25 million through seven related assets including ENA, PEPE, LINK, AAVE, ONDO and WLD.

The operation coincided with broader market declines. Bitcoin fell more than 3% to around $76,000 while Ethereum dropped below $2,200. Roughly $1.5 billion in leveraged positions were liquidated in the preceding 24 hours, the majority involving long positions.

Standard Chartered Holds $100 UNI Price Target for 2030

Geoffrey Kendrick, global head of digital assets research at Standard Chartered, said the incident may accelerate adoption of decentralized trading platforms and ultimately benefit Uniswap. The analyst still expects further near-term weakness in the broader market until details of the hack and frozen assets emerge.

Kendrick maintains his $100 UNI target by 2030, arguing that tokenized assets could drive significant on-chain trading volume. The bank’s earlier thesis projected $2.7 trillion in decentralized finance assets locked by 2030, with Uniswap positioned to capture a share through its fee mechanism that now supports UNI purchases and burns.

Technical Outlook and Key Levels for UNI

At $6.73, UNI trades below its late-September highs above $10. The token has declined 7.62% over the past week and 23.48% in the past month. Daily volume reached $1.32 billion. Technical indicators show limited buying momentum with the Balance of Power at 0.39 and Chaikin Money Flow slightly negative.

Immediate support sits at $6.25–$6.50, while resistance levels are $7.00 and $7.50. Analysts noted a potential double-top formation on the five-minute chart near $6.88, with a downside target of $6.55 if the neckline at $6.73 breaks. A move above $7.50 could shift the near-term structure higher.

Implications for Decentralized Finance

The Binance breach has highlighted vulnerabilities at centralized exchanges and could draw more traders toward platforms where they retain custody of assets. Standard Chartered noted that the incident may support Uniswap’s long-term growth case even as prices remain under pressure in the short term. The protocol’s governance updates since December 2025 now route eligible trading fees into UNI acquisitions and token burns, adding a mechanism for value accrual.