Are Arbitrum Investors Still Selling Off? Analysts Remain Bullish On ARB As Price Surges 5.2%

Arbitrum (ARB), the Ethereum Layer 2 (L2) scaling solution, recently went through an unlocking event as part of its 2024 roadmap. However, the event raised concerns about how the tokens price would react amid the market slowdown.  Its been a week since Bitcoins price started to dip. Despite BTCs recovery, the market still exhibits red numbers. Crypto analysts remain optimistic about ARB and the markets bullish run.  Related Reading: Bitcoin Traders Capitulate: Heres What Happened Last 2 Times Are Arbitrum Whales Still Dumping On Exchanges?  The event on March 16 unlocked 1.1 billion ARB tokens. These tokens were distributed among the team, advisors, and investors, who received 438.25 million ARB, approximately 40% of the total tokens unlocked.  Since then, Arbitrum whales have dumped millions of ARB on exchanges. As reported by NewsBTC, eleven whales recently sent over $58 million worth of the token to different trading venues.  Yesterday, the trend continued as two ARB whales sent around $12.72 million worth of ARB to the Binance exchange. These whales are seemingly investors who received around 28.43 million ARB tokens during the unlock. ::on-chain insights::$ARB investors are selling their tokens: two wallets which potentially belong to $ARB investors several hours ago sent their tokens to @binance wallet 0x1dc firstly sent 3 $ARB to be sure that they will arrive to his binance account and then sent pic.twitter.com/L8yfKnOnvK — Catakor (@Catakor) March 21, 2024 As reported by an X user, the first wallet received 19.845 million ARB on March 16. This whale sent 3 ARB to Binance as a test before offloading 3.9 million tokens worth $6.9 million. The second whale sent 3.424 million ARB tokens to Binance yesterday in two transactions, accounting for $5.79 million. Out of the 28 million tokens these investors received during Arbitrums unlock, the wallets now only hold 804,000 ARB, worth around $1.42 million.  Analysts Foresee Leg Up For ARB Arbitrums most recent downward trajectory started right before the unlocking event. After ARBs price failed to maintain the $2 support level, the token dropped over 30% to trade around $1.48 on March 19.  Since then, ARB has started to rise and retest its resistance levels again. According to crypto analyst World Of Charts, ARB broke a bullish flag on March 20.  Successfully retesting the $1.64 price range could potentially bring a 40-45% Bullish Wave, per the analyst. $Arb Finally #Arb Has Already Started As Expected Send It Now https://t.co/6RouflzapC pic.twitter.com/zGE6KFtIpk — World Of Charts (@WorldOfCharts1) March 20, 2024 ARBs retest above the suggested price range succeeded in the following hours. The token rose to the $1.8 mark in the early hours of today before returning to the $1.75 price range.   Crypto analyst Bluntz projected a leg up for Arbitrum after the price neared the $1.8 resistance level. As the analyst highlighted, ARBs price performance shows an a,b, and c zigzag pattern that could suggest an upward trajectory for the token. Additionally, he expressed optimism about the markets health based on the tokens performance. you know the market is healthy when even eth and eth beta is looking good again$arb pic.twitter.com/gjn4zduLW7 — Bluntz (@Bluntz_Capital) March 21, 2024 ARB is trading at $1.76 at writing time, representing a 5.2% increase in the last 24 hours. Although it shows a 14% and 12% decrease in the weekly and monthly timeframes, its current price still represents a 29.4% surge since the year began. Related Reading: Arbitrum Whales Are HODLing; Why Are ARB Prices Tanking? ARB's price trends to the upside on the hourly chart. Source: ARBUSDT on Trading.view.com Featured Image from Unsplash.com, Chart from TradingView.com

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Arbitrum Token Sell-Off: Whales Transfer $58M To Exchanges Following Unlock, ARB Price Reacts

On Saturday, March 16, the Layer 2 protocol Arbitrum (ARB) unlocked 1.1 billion ARB tokens as part of its 2024 roadmap. This event led to a significant decline in the native token’s value, with losses of up to 18% reported over the past week.  In the past 24 hours, more whales have been sending ARB tokens to exchanges for selling, indicating a potential further drop in the protocol’s prices. This token unlocking marks the beginning of a four-year phased process, releasing a specific number of tokens every four weeks until 2027. 11 Whales Dump $58 Million Worth Of ARB Tokens Following the massive unlocking of ARB tokens, analysis firm Lookonchain revealed that 11 whales deposited 34 million ARB tokens (equivalent to $58 million) into exchanges.  Additionally, on-chain data provider “The Data Nerd” noted that trading firm Wintermute has been continuously depositing ARB tokens for the past 48 hours, potentially for selling purposes.  The data provider notes that digital asset trading firm Wintermute now holds only 7.22 million ARB tokens worth $12.35 million, indicating that they have already deposited or sold $18.12 million worth of ARB over the past few days. Related Reading: Solana Market Cap Set To Skyrocket 1,000%, Says Crypto Fund CEO The ARB token has been on a 29% downtrend since reaching its all-time high (ATH) of $2.39 on June 12, 2024. Following the unlock event, ARB traded as high as $1.96 but dipped to $1.61 within 48 hours.  The token has managed to reclaim the $1.68 level despite being in the red zone over the past 24 hours if the price drops further, ARB’s potential support walls are identified at $1.56, $1.46, and potentially as low as $1.32. Arbitrum Post-Unlock Journey  NewsBTC reported that there has been only one previous unlock event for ARB tokens. On the first day after the unlock, ARB experienced a 3% increase, indicating positive market sentiment and initial demand.  However, the token’s price gradually declined, reaching a low of -21% approximately 21 days after the unlock event. Interestingly, around the 25-day mark, the price began significantly recovering, surging by 19% above the unlock-day level.  These patterns suggest that while Arbitrum may face initial downward pressure post-unlock, there is potential for recovery and positive price movement in the following weeks. Related Reading: SOL Price Crosses $200 Milestone, Whats Next For Solana? The future trajectory of ARB’s price action remains uncertain despite experiencing a 15% drop from its first unlock day. Drawing from the past unlock event, if historical patterns hold, there may be a further 6% decrease, aligning with the previous 21% drop observed 25 days after the first Arbitrum unlock event.  This hypothetical scenario would place Arbitrum at $1.57, indicating a favorable mid-term uptrend structure. However, it is crucial to note that past patterns do not guarantee identical outcomes in current price trading. Nevertheless, analyzing historical data can provide valuable insights and help understand and assess potential price movements. Featured image from Shutterstock, chart from TradingView.com

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Arbitrum (ARB) Rises 20% In A Single Week Amidst Massive Whale Activity

The Arbitrum (ARB) token has been on the rise lately, with a 20% price increase in the past seven days. The cryptocurrency is the native token of the Arbitrum network, which is a Layer-2 scaling solution for the Ethereum blockchain. This protocol is designed to boost transaction speed, enhance scalability, and improve privacy on the Ethereum [...]

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Bullish Signal: Whales Accumulate Massive Amounts Of ARB

Through the bear market, Arbitrum (ARB) has been one of the tokens that have managed to hold on to a significant amount of its all-time high value. Along these same lines, the digital asset is one of the few tokens currently flashing a green bullish flag, and accumulation has ramped up as a result of [...]

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Arbitrum Beats Ethereum and Solana With 119% Surge In NFT Sales, NFT Resurgence On The Horizon?

Arbitrum (ARB), the Ethereum Layer 2 scaling solution, has been facing a bearish week after failing to establish a new price floor and falling below the $2 level. Additionally, the unlocking event scheduled for March could negatively impact the tokens price. Despite ARBs recent drop, the blockchain has seen a greater performance in the non-fungible [...]

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Arbitrum Airdrop Success: Metrics Soar Higher Across The Board

Arbitrum, a popular blockchain platform, has shown promising results after its airdrop in March 2023. According to a report by Nansen, a blockchain analytics platform, every activity metric on Arbitrum has gone up compared to pre-airdrop days.  Arbitrum’s Airdrop Bucks Trend The report notes that since the airdrop, the daily count of transactions and users [...]

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Arbitrum DAO Locks $770 Million In ARB Tokens Into Vesting Contract: Implications For ARB

Arbitrum DAO recently took a step toward addressing an obstacle. The DAO has committed to locking 700 million ARB tokens, valued at an estimated $770 million, into a vesting contract to foster transparent governance and accountability, per a community proposal.  The approval for this commitment came from an improvement proposal introduced during a contentious period [...]

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Arbitrum (ARB) Continues Rally Despite Circulating FUD, Here’s Why

After suffering from a weekend filled with uncertainty, Arbitrum (ARB) now appears to be in for a rebound despite rumors about its whale and supply still circulating. Over the past 24 hours, Arbitrum native token ARB has surged by nearly 10%. Meanwhile, ARB has seen some large sales recorded on-chain, indicating that some investors are [...]

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