410% Jump in Whale Transactions, Buy Signal?
ARB, the native token of Arbitrum, seems to be struggling but is currently at a make-or-break point due to rising investor attention and bearish market sentiment. Today, January 28, 2025, the overall cryptocurrency market has been facing notable challenges and is struggling to gain momentum.410% Surge in ARB’s Large Transaction VolumeAmid this struggle, whales and long-term holders have shown strong interest and confidence in the asset, as revealed by the on-chain analytics firm IntoTheBlock. According to recent data, ARB has experienced a 410% surge in large transaction volumes, indicating that crypto giants are participating in the asset and potentially taking advantage of the current price decline.Source: IntoTheBlockHowever, ARB has attracted notable attention from whales after breaching the crucial support level of $0.65 during this bearish market sentiment. The substantial jump in large transaction volume suggests the recent support breakdown could be a fakeout.$5 Million Worth of ARB Outflow In addition to the notable participation of whales, investors and long-term holders are also found to be accumulating the tokens, as reported by the on-chain analytics firm Coinglass.Data from spot inflow/outflow reveals that exchanges have witnessed a significant outflow of $5.05 million worth of ARB tokens in the past 48 hours. This substantial outflow from exchanges indicates potential accumulation, which could create buying pressure and fuel a further upside rally.Source: CoinglassCurrent Price and Crucial Support ARB is currently trading near $0.625 and has experienced a modest price decline of 0.25% in the past 24 hours. However, data from Coinglass reveals that the $0.61 level serves as a strong support zone, with traders holding $4.60 million worth of long positions.Source: CoinglassIf the current market sentiment remains unchanged and ARB fails to hold the $0.61 support level, there is a strong possibility that the $4.60 million in long positions could be liquidated, potentially leading to a 25% price decline toward the next support level at $0.47.Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Daily Get real-time crypto news, market insights, and blockchain updates. Weekly Stay updated with major trends, funding news, and price analysis. Monthly Receive a detailed report with market analysis and expert predictions.