Arbitrum (ARB) price looks set to break out of its consolidation phase within the $1.10 – $1.15 territory. On-chain analysis explains how increased network activity on the Arbitrum network could trigger another price upswing in the days ahead.

Arbitrum has emerged as one of the top-performing Layer 2 scaling networks in 2023 so far. Here’s how the increasing adoption rate could push ARB price to a new yearly peak as the crypto market rally intensifies. 

Arbitrum Approaches New Milestone

Arbitrum, Optimism (OP), and Base are some of the leading Layer 2 scaling networks that have received significant network usage and investor interest this year. A closer look at on-chain data trends shows that Arbitrum is approaching a network adoption milestone. 

According to IntoTheBlock, ARB funded addresses crossed 14,690 on Nov. 8. This implies that 55% of the total addresses registered on the Arbitrum network are now funded.

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Author: Ibrahim Ajibade

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