Arbitrum [ARB] defies stablecoin outflow, price surges 16% – Is $0.50 next?

Key Points

1. Arbitrum (ARB) surged 16% in price, reaching a market cap above $2 billion, despite $39.7 million in stablecoin outflows in 24 hours.

2. Spot inflows for ARB have been strong, with $1.08 million and $2.29 million purchased on July 10 and 11, respectively, supporting upward momentum.

3. Open Interest Weighted Funding Rate is positive at 0.0111%, the highest since June 7, indicating bullish sentiment in derivatives markets.

4. ARB broke above a major resistance level at $0.415, with trading volume increasing 70% to $540.26 million, suggesting potential for further gains toward $0.50.

5. Despite the positive trends, ARB still risks a pullback even after breaching key resistance levels.