Arbitrum (ARB) has gained by 30% in the last seven days amid a drastic surge in bullish sentiment to the highest level since the end of 2023. As of June 30, Arbitrum price trades at $0.35 with a 15% intraday gain and more than $900 million in daily trading volumes. As a bullish technical structure emerges amid these gains, can ARB sustain this rally until it hits $0.76?
Why is Arbitrum Price up 30% This Week?
Arbitrum price has been on a massive upward trend in the last seven days, with CoinMarketCap data showing that its value is up by nearly 30% during this time. The bullish momentum has seen the price surge from $0.26 to $0.36.
The ongoing rally is being influenced by a combination of bullish factors, including:
- Rumored strategic partnerships
- Strong on-chain data
- Increased participation by market makers
Rumoured Partnership with Robinhood Sparks Bullish Sentiment
The ARB community anticipates that the project could partner with the Robinhood exchange, and this is boosting a bullish momentum around the Arbitrum price. The rumor was triggered by an X post by Robinhood revealing an upcoming meeting with Arbitrum developers, Offchain Labs.
Following this speculation, the bullish sentiment around ARB has surged significantly. Per Santiment data, Arbitrum’s weighted sentiment has reached its highest level since December 2023.
However, Robinhood has not revealed any partnership apart from the upcoming meeting with Offchain Labs. Moreover, similar rumours emerged earlier this year, but this partnership has yet to happen. These speculations follow the exchange’s growing presence in the crypto partnership after Robinhood launched XRP and SOL futures.
Surging on-chain Activity
On-chain data is also strong, supporting a bullish Arbitrum price forecast and the likelihood of more gains. Data from DeFiLlama shows that the number of returning active addresses on the network has soared past 446,000, marking the highest level since early March.
Considering that Arbitrum is one of the top layer two projects, this network growth could translate to notable gains, leading to ARB price soaring higher.
Arbitrum Market Makers Become Increasingly Active
Market makers are also flocking back into the market and driving the Arbitrum price rally. According to Lookonchain data, crypto market maker GSR Markets is increasing trading ARB after receiving 20 million tokens from the Gelato Network.
In the last two weeks, Anchorage Digital Custody moved 50.1 million ARB tokens to hot wallets owned by Wintermute. A wallet linked to Monetalis also obtained 42.19 million ARB tokens worth over $12.88 million.
Market-making activity is bound to spike Arbitrum’s price volatility. These traders also tend to boost the liquidity, which is bullish for the price as it prevents a steep decline in case of selling.
What’s Next for ARB Price as 69% Rally Looms?
The technical structure suggests that the Arbitrum price could be on the verge of a 69% rally after a bullish double-bottom pattern emerged. This pattern started forming after the downtrend that started in December 2024 bottomed at $0.267. ARB price later retested and defended this support last week.
After bouncing from $0.267, the first price target for this altcoin lies at the neckline of $0.45. At its current price of $0.36, ARB is only 25% away from this level, which will confirm the maturity of this double-bottom pattern and drive gains.
Once the neckline resistance of this double bottom is flipped, the double bottom target price lies at $0.76, which is 69% above the breakout point.
However, this bullish pattern faces the risk of reversal due to the RSI indicator that is still sitting below 50. Currently, the RSI with a reading of 44 shows that the momentum is bearish, and this could lead to bears defending the $0.45 resistance and prevent a confirmation of the double bottom.
In conclusion, Arbitrum price seems to be on the verge of a strong move upwards due to surging on-chain activity, rising bullish sentiment, and increased activity by market makers. A double-bottom pattern formation signals that a 69% rally from a key resistance level could be imminent.
Frequently Asked Questions (FAQs)
Arbitrum price is gaining today due to multiple reasons, including surging bullish sentiment sparked by Robinhood partnership rumors and increased trading activity by market makers.
ARB price can sustain the upward rally if buying activity remains strong. However, with the RSI still in bearish territory, a reversal may be likely.
The key resistance level to watch in Arbitrum price is $0.45, which is the neckline of a double-bottom pattern.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.
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Source: https://coingape.com/markets/arbitrum-price-up-40-this-week-as-robinhood-rumors-heat-up-whats-next-for-arb/