Arbitrum (ARB) price has rebounded 13% from the $1.10 support level to reach $1.24 on Tuesday morning. After playing catch-up in the first half of May, bullish Arbitrum whales now appear to have seized control of the market. How long with the ARB price rally last?
This week, Arbitrum (ARB) bulls overturned the negative market sentiment to clear the $1.20 resistance. On-chain data reveals that Arbitrum whales have split into two camps, making opposing bets.
Will the recent spike in Arbitrum network activity convince the bulls to consolidate their long positions and stay in the driving seat?
Bullish Arbitrum Whales Have Taken the Lead
On-chain data shows that Arbitrum whales have split into two camps since mid-May. The largest cohort, holding 10 million to 100 million ARB balances, has taken a largely bearish position. In contrast, those holding 100,000 to 10 million tokens have taken a positive stance.
The chart below shows that the bearish whales (red) sold off 190 million tokens between May 18 and May 30. Meanwhile, the bullish whales (blue) bought 191.2 million ARB tokens during the same period.
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Author: Ibrahim Ajibade
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