Will Arbitrum reach $2.4? – Traders, watch out for THESE levels!

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Share this article ARB recorded the largest chain netflow in the last 24 hours, surpassing Ethereum and Solana. However, it faced a major hindrance at a key resistance level, where significant selling pressure exists.

Over the past month, Arbitrum [ARB] has exhibited a consistent bullish trend, with a notable 78.80% gain. This momentum extends to shorter timeframes, with weekly and daily increases of 15.20% and 8.08%, respectively.

As AMBCrypto previously reported, this upward trend could persist as market participants’ actions continue to support the bullish momentum,

Rise in netflow fuels accumulation interest

At press time, data showed that the altcoin recorded the highest chain netflow in the last 24 hours, surpassing Base, Solana [SOL] , and Ethereum [ETH] with $42.6 million in net inflows.

Chain netflow measures the difference between an asset’s inflow and outflow. It is used to track fund movement, user activity, trading behavior, and liquidity trends. Positive netflow, as seen with ARB, indicates accumulation and suggests potential upward price movement.

Source: Artemis

Further analysis by AMBCrypto highlights a strong likelihood that ARB’s bullish momentum will persist.

Selling pressure eases as gains momentum

After four consecutive days of significant positive exchange netflow totaling $17.04 million, indicating selling pressure—a turnaround has occurred.

Over the past 48 hours, negative netflow has been recorded, signaling that market participants are now holding onto their ARB. At the time of writing, $1.66 million worth of ARB negative netflow transactions contributed to its recent 8% price gain.

Source: Coinglass

Additionally, there has been a notable decline in large-holder transaction volume, pointing out that whales are scaling back on selling ARB.

Data from IntoTheBlock shows a reduction of 500 large-holder transactions over the same 48-hour period, dropping from 706 to 206.

Source: IntoTheBlock

If this trend continues, ARB could sustain its upward momentum.

Read Arbitrum’s [ARB] Price Prediction 2024–2025

Key resistance ahead for ARB with a $2.4 target in sight

The coin is expected to encounter significant pressure as it approaches a major supply zone identified by the In/Out of the Money Around Price (IOMAP) … Read More