The price of Arbitrum (ARB) has been trapped in a descending channel for a year, and is now approaching a critical breakout zone at $0.39. Meanwhile, there is a noticeable increase in the number of token holders, which may indicate market shifts.
Arbitrum Price Status
Currently, the price of ARB is at $0.33, representing almost a 50% decrease from 2024 highs. However, if this structure breaks, the path to $1 may be within reach.
Dynamics of Token Holders
According to Santiment data, the total number of unique addresses holding ARB has surpassed 2.05 million, marking a 6% increase from March. Despite the price decrease, the rise in holders indicates accumulation by long-term investors.
Technical Analysis and Outlook
From a technical standpoint, the ARB price has been trading within a descending wedge, with the upper trendline at around $0.39. A breakout above this level would target $0.49, $0.56, and $0.66. Additionally, the RSI shows bullish divergence, suggesting potential momentum shift.
In conclusion, the situation with Arbitrum indicates the possibility of an imminent breakout, supported by the increase in token holders and favorable technical indicators.
