Arbitrum Jumps 8% – Can $ARB Break the Crucial $0.35 Ceiling?
By: crypto news|2025/05/09 02:00:07
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Arbitrum ($ARB) is currently trading at $0.3328, reflecting an 8.6% gain over the past 24 hours. The Ethereum Layer-2 scaling solution saw a 72% surge in trading volume, with more than $183 million worth of ARB exchanged within the day.This momentum propelled $ARB to become the 54th-largest cryptocurrency by market capitalization, now valued at $1.58 billion, according to CoinMarketCap.Arbitrum Outpaces Rivals in Total Value Locked As USDC Adoption GrowsWhile $ARB remains well below its January 2024 peak of $2.40, recent on-chain data suggests the protocol is regaining its footing in the DeFi and broader Layer-2 ecosystem.Arbitrum boasts over $2.3 billion in total value locked (TVL) across its DeFi protocols, surpassing rivals like Sui, Avalanche, and Aptos, despite their higher market capitalizations.Arbitrum Leads Competitor in on-chain Metrics/ Source: DefilLamaArbitrum also outperforms other prominent Layer-2 networks, including Polygon, Mantle, Optimism, and Starknet, across most on-chain metrics. This week, it topped the leaderboard for net inflows among all chains.Top chains by net inflows this week:ArbitrumBaseEthereum pic.twitter.com/OLhAHpHSya— DefiLlama.com (@DefiLlama) May 7, 2025One major contributor to Arbitrum’s DEX growth is Camelot, a decentralized exchange under the Orbital Liquidity Network, which has facilitated over $57 billion in total trading volume and generated $52 million in fees.The stablecoin ecosystem on Arbitrum is also expanding rapidly. For example, the network now holds over $2.8 billion in stablecoin supply, bolstered by support from Circle, the issuer of $USDC.USDC crosschain transfers to Arbitrum just got faster with Circle’s CCTP V2!Anyone can now swap, trade, and pay with @USDC seamlessly from anywhere directly on Arbitrum https://t.co/BVwPCNoaS9— Arbitrum (@arbitrum) May 2, 2025Recently, Circle introduced cross-chain $USDC transfers to Arbitrum through its Cross-Chain Transfer Protocol (CCTP), allowing global users to send, trade, and pay with $USDC natively on the chain.Gaming Ecosystem on Arbitrum Booms with $200M Funding InitiativeArbitrum’s ecosystem is flourishing, with over 900 active DApps ranging from DeFi tools to gaming.According to DappRadar, more than 25 Web3 games have gained traction on the network, with at least 10 of them seeing rising user activity and revenue.Top Web3 Games on Arbitrum/ Source: DappRadarFurther strengthening its commitment to gaming, Arbitrum Gaming Ventures (formerly The Gaming Catalyst) recently announced the first wave of investments and grants under its $200 million initiative to boost gaming and entertainment on the network. The inaugural cohort will receive $10 million in capital to fund new studios, game distribution models, and high-quality content development. Studios like Proof of Play, Hyve Labs, and Wildcard are among the first to benefit.$ARB Technical Outlook: Bullish Breakout Targets $0.3815The 4-hour $ARB/$USDT chart shows a bullish breakout from a descending wedge pattern.After consolidating near the key support level of $0.2923, a strong bullish engulfing candle breached the upper boundary of the wedge. $ARB eyes $0.35 Mid-target/Source: TradingViewThis move was followed by two green candles with minimal lower wicks, indicating sustained buying momentum and limited selling pressure.The most recent candlestick closed near its session high, reinforcing bullish dominance. Meanwhile, the Relative Strength Index (RSI) has surged to 67.78, approaching overbought territory but not yet indicating a reversal.#ArbArbitrum is consolidating within a strong range on a 2h chartIf confirmed, we might see $ARB surge towards targets at $0.51, $0.54, $0.56, $0.58 and potentially $0.61Crypto Traders-join Telegram https://t.co/4ApYM0VIA5 . pic.twitter.com/n75fkFlP00— Whales_Crypto_Trading (@WHALES_CRYPTOzz) May 8, 2025If $ARB sustains this bullish move and closes above that level with continued volume, the second target at $0.3815 becomes the next logical area of interest. This level coincides with a previous resistance from late April and may act as a profit-taking zone.The post Arbitrum Jumps 8% – Can $ARB Break the Crucial $0.35 Ceiling? appeared first on Cryptonews.
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