Arbitrum’s native token, ARB, suffered a significant 13% price decline within 24 hours of a much-publicized announcement regarding Robinhood’s support for the layer-2 network. This sharp drop reversed most of a recent 46% rally fueled by the partnership optimism.
On-chain data analytics firm Nansen reportedly observed that prominent addresses, potentially including key ecosystem figures and influencers, sold nearly all their ARB holdings. This large-scale disposal by whales amplified concerns and selling pressure among retail traders.
Technical indicators added to the bearish outlook. Analysis points to an imminent ‘death cross’ formation on the 4-hour chart and a concurrent sharp decline in the Chaikin Money Flow index, both signaling the potential for continued downward momentum.
Immediate technical support for ARB is seen near the $0.31 level. Failure to hold above this price point could trigger further selling, with the next significant support target at $0.28.
The future trajectory of ARB’s price now appears heavily reliant on whether critical support levels hold and the tangible progress of the Robinhood’s integration efforts with the Arbitrum network, known as Robinhood Chain. The initial market reaction highlights a notable disconnect between partnership announcements and immediate token price performance.