Ethereum

2024

Arbitrum

World

Arbitrum (ARB), the Ethereum Layer 2 (L2) scaling solution, recently went through an <a href="https://www.newsbtc.com/arbitrum/arbitrum-arb-faces-potential-selling-pressure-as-1-billion-tokens-become-unlocked-in-march/" target="_blank" rel="noopener ">unlocking event</a> as part of its 2024 roadmap. However, the event raised concerns about how the token’s price would react amid the market slowdown.&nbsp; 
It’s been a week since Bitcoin’s price started to dip. Despite BTC’s recovery, the market still exhibits red numbers.&nbsp;Crypto analysts remain optimistic about ARB and the market’s bullish run.&nbsp; 
<h2 class="p1" id="are-arbitrum-whales-still-dumping-on-exchanges">Are Arbitrum Whales Still Dumping On Exchanges?&nbsp;</h2> 
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.&nbsp; 
Since then, Arbitrum whales have dumped millions of ARB on exchanges. As <a href="https://www.newsbtc.com/arbitrum/arbitrum-token-sell-off-whales-transfer-58m-to-exchanges-following-unlock-arb-price-reacts/" target="_blank" rel="noopener ">reported</a> by NewsBTC, eleven whales recently sent over $58 million worth of the token to different trading venues.&nbsp; 
Yesterday, the trend continued as two ARB whales sent around $12.72 million worth of ARB to the Binance exchange. These whales are seemingly investors who received around 28.43 million ARB tokens during the unlock. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 ::on-chain insights::<a href="https://twitter.com/search?q=%24ARB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ARB</a> investors are selling their tokens: 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/25aa.png" alt="▪" class="wp-smiley" style="height: 1em; max-height: 1em;"> two wallets which potentially belong to <a href="https://twitter.com/search?q=%24ARB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ARB</a> investors several hours ago sent their tokens to <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw" rel="nofollow">@binance</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/25ab.png" alt="▫" class="wp-smiley" style="height: 1em; max-height: 1em;"> wallet 0x1dc firstly sent 3 <a href="https://twitter.com/search?q=%24ARB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ARB</a> to be sure that they will arrive to his binance account and then sent… <a href="https://t.co/L8yfKnOnvK" rel="nofollow">pic.twitter.com/L8yfKnOnvK</a> 
 — Catakor<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f42f.png" alt="🐯" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Catakor) <a href="https://twitter.com/Catakor/status/1770768049357865113?ref_src=twsrc%5Etfw" rel="nofollow">March 21, 2024</a>
</blockquote> 
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&nbsp;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 Arbitrum’s unlock, the wallets now only hold 804,000 ARB, worth around $1.42 million.&nbsp; 
<h2 class="p1" id="analysts-foresee-leg-up-for-arb">Analysts Foresee Leg Up For ARB</h2> 
Arbitrum’s most recent downward trajectory started right before the unlocking event. After ARB’s price failed to maintain the $2 support level, the token dropped over 30% to trade around $1.48 on March 19.&nbsp; 
Since then, ARB has started to rise and retest its resistance levels again. According to crypto analyst World Of Charts, ARB <a href="https://x.com/worldofcharts1/status/1770392700795211836?s=46" target="_blank" rel="noopener nofollow">broke</a> a bullish flag on March 20.&nbsp; 
Successfully retesting the $1.64 price range could potentially bring a “40-45% Bullish Wave,” per the analyst. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <a href="https://twitter.com/search?q=%24Arb&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$Arb</a> 
 Finally <a href="https://twitter.com/hashtag/Arb?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Arb</a> Has Already Started As Expected Send It Now <a href="https://t.co/6RouflzapC" rel="nofollow">https://t.co/6RouflzapC</a> <a href="https://t.co/zGE6KFtIpk" rel="nofollow">pic.twitter.com/zGE6KFtIpk</a> 
 — World Of Charts (@WorldOfCharts1) <a href="https://twitter.com/WorldOfCharts1/status/1770551414105719143?ref_src=twsrc%5Etfw" rel="nofollow">March 20, 2024</a>
</blockquote> 
ARB’s 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. &nbsp; 
Crypto analyst Bluntz projected a leg up for Arbitrum after the price neared the $1.8 resistance level. As the analyst highlighted, ARB’s price performance shows an a,b, and c zigzag pattern that could suggest an upward trajectory for the token. Additionally, he expressed optimism about the market’s health based on the token’s performance. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 you know the market is healthy when even eth and eth beta is looking good again<a href="https://twitter.com/search?q=%24arb&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$arb</a> <a href="https://t.co/gjn4zduLW7" rel="nofollow">pic.twitter.com/gjn4zduLW7</a> 
 — Bluntz (@Bluntz_Capital) <a href="https://twitter.com/Bluntz_Capital/status/1770613638203932815?ref_src=twsrc%5Etfw" rel="nofollow">March 21, 2024</a>
</blockquote> 
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% <a href="https://www.newsbtc.com/arbitrum/arbitrum-beats-ethereum-and-solana-with-119-surge-in-nft-sales-nft-resurgence-on-the-horizon/" target="_blank" rel="noopener ">surge</a> since the year began. 
<img loading="lazy" decoding="async" class="alignnone wp-image-599075 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/03/arbitrum-arbusdt.png?w=860&amp;resize=860%2C410" alt="arbitrum arbusdt" width="860" height="410" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/arbitrum-arbusdt.png?w=2372 2372w, https://www.newsbtc.com/wp-content/uploads/2024/03/arbitrum-arbusdt.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/arbitrum-arbusdt.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/arbitrum-arbusdt.png?w=860&amp;resize=860%2C410 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/arbitrum-arbusdt.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/arbitrum-arbusdt.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/03/arbitrum-arbusdt.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/arbitrum-arbusdt.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1">

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

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