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

Rubmar Garcia

Last Updated: March 21, 2024 7:00 pm

3 mins read

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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 token’s price would react amid the market slowdown.

It’s been a week since Bitcoin’s price started to dip. Despite BTC’s recovery, the market still exhibits red numbers. Crypto analysts remain optimistic about ARB and the market’s bullish run.

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 Arbitrum’s unlock, the wallets now only hold 804,000 ARB, worth around $1.42 million.

Analysts Foresee Leg Up For ARB

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.

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

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.

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.

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.

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

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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