ARB Price Analysis After Airdrop
Author: Maria AndersonConsequently, the ARB price has slid 28% over the past week. Nonetheless, investors have been quick to spot bullish signals suggesting that the ARB price could start a rebound.
On-chain data from Loookonchain reveals that most of the top recipients of the Airdrop are in fact institutional whale DAOs - big entities more likely to be long-term holders and generate passive income than look for short-term opportunities. The surge in Daily Active Addresses (DAA) interacting on the network - which have grown from 17,687 on April 21 to 61,886 at the close of April 24, an increase of 250%, - is further suggested to be pushing the ARB price.
Currently, the ARB price is precariously above the $1.30 support level. If the top DAOs continue to HODL, the price could rebound to $1.50, and then $1.60, before facing bearish taking control. However, should it fall below $1.30, then it has the potential to drop to $1.23, where holders may be inclined to offer support. Either way, speculative investors must consider their options as the industry adjusts to new developments.