Arbitrum (ARB) price ended April positively despite bearish concerns about the recent $120 million airdrop. On-chain data shows the recent ARB price surge can be attributed to large investors HODLing firm on their bullish positions. Can ARB scale the $1.40 resistance? 

Arbitrum (ARB) made headlines last week after it announced an Airdrop of 113 million tokens worth nearly $120 million to reward early builders.

However, a week later, the price surged 4% to dispel concerns about impending price retracement. Here’s how the HODLing whales could help power another bull rally despite ongoing media FUD.  

Massive FUD Still Surrounds Arbitrum

Arbitrum ended April 2023 strongly, yet, the social perception surrounding the rising Ethereum layer-two (L2) scaling network is still largely negative. On-chain data shows that the number of negative mentions of Arbitrum currently exceeds the positives. 

The chart below illustrates how the ARB Weighted Sentiment has been trending negatively since the price dropped from the recent local high on April 14. Between April 14 and the close of May 2, it has dropped from 0.11 to -0.73.