Arbitrum (ARB) has seen a dramatic price increase in recent days, becoming the top gainer on CoinMarketCap.
Reasons Behind ARB's Unexpected Rise
The more than 20% surge of ARB in the last 24 hours is likely linked to discussions led by Robinhood. An announcement on their official X page mentions an upcoming panel at the Cannes festival featuring key figures, including Robinhood Crypto's General Manager Johann Kerbrat, and Ethereum co-founder Vitalik Buterin. This sparked speculation about potential plans for Robinhood to leverage Arbitrum for European crypto expansion.
Technical Analysis and Forecast
Technical analysis shows that ARB has broken out of a multi-month downtrend. Current support is around $0.36, and if it holds, the next resistance levels to watch will be $0.42 and $0.48. A confirmed partnership with Robinhood could push ARB towards the $0.50 mark and beyond.
Market Activity Ramps Up
In the past week, the number of new and active wallet addresses on Arbitrum has increased by 40%. This is significant ahead of an upcoming token unlock. Initially, this was expected to trigger selling pressure, but current demand may absorb it. If the buzz dies down without official confirmation from Robinhood, traders might quickly start taking profits.
Arbitrum is back in the spotlight, and the coming days could determine whether this rally is sustainable or just a quick spike fueled by rumors.
