Arbitrum, a layer 2 solution built on Ethereum, embraces optimistic rollups to enhance speed, scalability, and cost-effectiveness, offering higher throughput and lower fees than Ethereum. The platform's network activity has surged, witnessing growth in on-chain transactions.

Arbitrum TVL Surges to $3 Billion Mark

Arbitrum features an average transaction fee of $0.013 and hosts 224,610 active wallets. With 726,319 Arbitrum Bridgers and 1957 bridges in the past seven days, daily bridgers have reached nearly 300, surpassing competitors. However, the total value bridged has decreased to around 2191 ETH from its peak of 10000.

ARB Token holders have experienced consistent gains, with diamond holders owning 39.61% of the total supply. Despite recent outflows, ARB remains stable amid increasing inflows.

Arbitrum has achieved a significant milestone with its TVL surging to $3.07 billion. The platform has witnessed an increase in core developers and commits, with an average of 43 developers - surpassing other L2 platforms. Let's delve into the price action of ARB.

ARB Marks a 7% Drop in the Past Year - Await for Bullish Trends?

Arbitrum holds a market cap of $3.23 billion, ranking 32nd in the crypto market. ARB's volume saw a 10% intraday decline, with a VM ratio of 0.1 indicating price consolidation. Currently trading near $1.15 with a slight intraday gain, the asset price consolidates below the 50 and 100 EMA.

Resistance levels may be noted near $1.35, with support at $1. The RSI value hovers around 51 without a defined trend, reflecting a neutral sentiment.

Conclusion

Arbitrum presents consistent growth in network activity and daily active wallets, alongside a notable increase in TVL. While the ARB token price remains stable, there is potential for a future surge.