Arbitrum (ARB) saw volatile price action earlier in the last 24 hours as an unnamed whale trader offloaded their entire position of nearly 95,000 ARB tokens for USDT on Uniswap. The sudden influx of sell pressure from the 94,662 ARB position caused the token to slide over 2% from daily highs.
According to on-chain analytics firm SpotOnChain, the trader 0xf03 sold their stack in a single transaction, converting to USDT at an average price of $1.95 per ARB token. In total, the sell-off netted $184,560 in proceeds.
Remarkably, 0xf03 had been hodling those tokens since late December 2023, withdrawing them from Binance. By selling at $1.95 after accumulating around $1.46 on average, the whale trader managed to capture profits of $46,128, good for a 33% gain. The user then moved the USDT to OKX to continue with their next investment.
ARB Recovers as Selling Pressure Subsides
The market appears to have fully absorbed the brief influx of sell-side liquidity, which is good news for ARB holders. ARB has already recovered from the initial drop and is now trading back around the $1.93 level as of this writing.
From a technical perspective, SpotOnChain highlights that ARB is still showing bullish momentum. According to the data, ARB has an RSI reading above 56. An RSI above 50 typically signals bullish sentiment and upside potential. And over the past week, ARB has managed a 10% gain even as the broader crypto market cools off slightly.
While the actions of large individual holders can impact short-term price fluctuations, ARB continues to exhibit positive network growth. By providing interest-earning opportunities across popular DeFi protocols, Arbis aims to make crypto adoption more appealing to a wider audience.
For ARB to resume its uptrend in earnest, bulls will want to see support around $1.90 hold before pushing to new recovery highs. But with on-chain data remaining robust and product traction still apparent, ARB looks poised to leave the recent sell-off firmly in the rearview.
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