Arbitrum Whales Accumulate $126M Worth of ARB Tokens
Despite a drop in price to an all-time low of $0.75 on September 11, Arbitrum whales took advantage of the situation and purchased a significant amount of ARB tokens. Their holdings increased from 3.34 billion tokens to 3.48 billion, indicating the acquisition of 140 million coins in September. This buying activity from whale investors could potentially have a positive impact on the ARB price. The influx of large volumes of tokens may lead to upward pressure on the price if the market supply cannot keep up. Additionally, the financial power of these whales could influence other retail investors to take bullish positions.
Arbitrum Network Activity Reaches New High
The launch of Post.Tech, a SocialFi platform, was predicted to have a positive effect on Arbitrum network demand. As expected, network activity reached a new peak for the second half of 2023, with 11,810 active addresses on September 28. This level of activity had not been seen since June 29. The increase in retail network demand aligning with the buying pressure from whales suggests that Arbitrum’s price is likely to experience significant gains in October and beyond.
$1.50: The Next Target for ARB Price
From an on-chain perspective, Arbitrum is well-positioned to surpass the $1.50 mark in the coming weeks. The Global In/Out of Money Around Price (GIOM) data supports this bullish outlook by showing that if Arbitrum can overcome the initial resistance at $1, it could potentially rise to $1.50. However, there are potential obstacles if the 56,110 addresses that bought ARB tokens at a minimum price of $1.05 decide to sell early. Nonetheless, if the whales continue accumulating tokens, the price rally could exceed $1.50.
Hot Take: ARB Price Set for Positive Momentum in October
With the accumulation of ARB tokens by whales and the surge in network activity, it is highly likely that Arbitrum’s price will experience significant gains in October and beyond. The buying pressure from whale investors, coupled with the growing retail network demand, creates a favorable environment for a price increase. However, it is important to monitor potential resistance levels at $1 and $1.50, as well as critical support levels at $0.70. Overall, the outlook for ARB price is optimistic as we enter the next month.
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