The Arbitrum (ARB) Market Analysis
The Arbitrum (ARB) price has declined from a recent attempt to reach $1.25, now retracing toward $1. Recent on-chain analysis reveals insights into the factors driving this price fall.
On-chain Sleuths Spotted Arbitrum Whales Selling at a Loss
Arbitrum price rejection of the $1.20 territory has seen large investors taking on a bearish attitude. On-chain transaction tracker Lookonchain spotted a significant crypto whale offloading millions of ARB. This whale initially withdrew 22.55M from Binance and Gateio exchanges in April and has sold the tokens at a $6 million loss between November 16 and 20.
Retail Market Demand Has Started to Wane
Further confirming the bearish stance, on-chain data trends show that retail demand for Arbitrum is declining. The ARB tokens transacted daily have declined 70% since November 9, indicating an overall lack of interest from investors.
ARB Price Prediction: Possible Reversal Toward $0.80
Bearish trading activity from Arbitrum whales and declining retail market activity are critical factors behind ARBβs recent price decline. The GIOM data shows that the bears must break down the initial support buy wall at $1 to remain in control. If they do, the Arbitrum price will likely drop toward the $0.80 area as predicted.
Hot Take: Overall Bearish Market
In summary, while the whaleβs selling activity has grabbed media headlines, on-chain trends show investor disinterest across the board. If it persists, Arbitrum could struggle to hold the $1 support level.
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