- ARB recorded the highest chain netflow in the last 24 hours, surpassing Ethereum and Solana.
- However, it faced a major obstacle at a key resistance level where there was significant selling pressure.
Over the past month, Arbitrum (ARB) has shown a consistent bullish trend with a notable gain of 78.80%. This momentum extends to shorter time frames, with weekly and daily increases of 15.20% and 8.08%, respectively.
As AMBCrypto previously reported, this upward trend could continue as market participant action continues to support the bullish momentum.
Netflow fuel accumulation interest increases
At press time, data showed that the altcoin recorded the highest chain net inflows in the past 24 hours with $42.6 million in net inflows, beating Base, Solana (SOL), and Ethereum (ETH).
aspiratehain netflow measures the difference between inflows and outflows of assets. It is used to track fund movements, user activity, trading behavior and liquidity trends. As seen in ARB, positive net flows indicate accumulation and indicate potential upward price movement.
Source: Artemis
Additional analysis from AMBCrypto highlights that ARB’s bullish momentum is likely to continue.
As momentum gains, selling pressure eases.
The turnaround occurred after four consecutive days of significant exchange net flows totaling $17.04 million, indicating selling pressure.
A negative net flow was recorded over the last 48 hours, indicating that market participants are now holding ARB. As of this writing, $1.66 million worth of ARB negative netflow transactions have contributed to the recent 8% price increase.
Source: Coinglass
Additionally, there has been a noticeable decline in large holder trading volumes, pointing out that whales are scaling back their ARB sales.
Data from IntoTheBlock shows that in the same 48-hour period, large shareholder transactions fell by 500, from 706 to 206.
Source: IntoTheBlock
If this trend continues, ARB could maintain its upward momentum.
Read Arbitrum (ARB) price forecast for 2024-2025
ARB’s main resistance with $2.4 target in sight
The coin is expected to face significant pressure as it approaches key supply zones identified by the Money Around Price (IOMAP) indicator.
The supply zone between $0.96 and $0.98 carries a calculated selling pressure of 69.5 million ARB distributed across over 27,000 addresses. This is in line with the resistance level on the chart at $0.983, beyond which ARB has struggled to break above.
Source: IntoTheBlock
If ARB gains enough momentum to break this resistance line, it could head towards the upper target of $2.4, where significant liquidity will concentrate.
Source: TradingView