Key Highlights
- ARB price jumped nearly 26% to around $0.1085, rising from an intraday low of about $0.08696.
- Robinhood Chain recorded strong activity, with $2.13 million in fees, $1.92 million in revenue, and $1.462 billion in DEX volume in 24 hours.
- ARB futures activity surged, with futures volume up 1,143.15% to $1.37 billion and open interest rising 80.91% to $164.68 million.
Arbitrum’s ARB token price jumped by 26% within the last 24 hours leading major tokens including Bitcoin and Ether behind as their price slipped during the same period.
The move came as activity on Robinhood Chain increased, while a sharp increase in futures trading showed that more traders were taking positions around the ARB price move.
At the time of reporting, the token is trading for $0.1085, after climbing from an intraday low around $0.08696 as of September 1 (8:45 PM UTC).
Robinhood chain activity fuels the surge
According to data from DefiLlama, Robinhood Chain recorded $2.13 million in chain fees over the last 24-hour period.
Its chain revenue reached $1.92 million, while trading on decentralized exchanges, or DEXs, reached $1.462 billion. During the same period, Arbitrum One collected about $16,000 in chain fees.
The strong activity on Robinhood Chain is important to Arbitrum because the network was built using Arbitrum Orbit technology. Orbit allows projects to build their own chains using Arbitrum’s technology. Under the Arbitrum Expansion Program, these chains send 8% of their net revenue to the ArbitrumDAO treasury and another 2% to a developer guild.
This means activity on networks using Orbit can also send revenue back into the Arbitrum ecosystem. The data also show that Robinhood Chain is now generating more chain fees than Arbitrum One itself, adding another part to the story behind ARB’s sudden rise.
ARB futures volume surges above $1 billion
ARB’s move was also supported by a major jump in derivatives activity. According to data from Coinglass as of September 1 (8:45 PM UTC), Arbitrum futures volume surged about 1143.15% to $1.37 billion in just 24 hours. At the same time, the open interest, which tracks positions that traders have left open, increased by 80.91% to $164.68 million.
The two numbers show that traders were not only buying and selling more ARB contracts but were also keeping more positions open as the token moved higher.
That can add strength to a price move, but it can also make the market more risky. If ARB keeps rising, traders betting against it could face liquidations. If the breakout fails, leveraged buyers could instead face larger losses.
ARB breaks out of a six-week range
The price action itself also marked a change from ARB’s recent trend. The daily chart on TradingView shows that the token broke out of a six-week range between $0.075 and $0.100 and moved above a descending trendline that had limited its recovery for months. ARB had earlier fallen toward the $0.07-$0.08 area before buyers pushed it higher.
The rally reached about $0.1202 before sellers stepped in.
The token is now approaching a resistance level near $0.1193, which is also around the 0.618 Fibonacci retracement level. ARB briefly touched this area and then moved back toward the $0.1100 area, which sits around the 0.5 Fibonacci level and had acted as a barrier earlier this year.
Meanwhile, the Relative Strength Index (RSI), a tool traders use to measure price momentum is now at 69.38 and still pushing higher close to the overbought level.
If the price can break above the resistance level with a strong bullish candle, it could keep the current breakout structure in place, with $0.14 and then $0.15 as the next major resistance areas.
If not, price could drop back to the support level at $0.08705
September events could test ARB’s rally
The rally now faces two important September events. About 92.6 million ARB tokens are scheduled to be unlocked on September 16, according to data from Cryptorank.
For now, ARB’s recent move has brought the token out of a long period of weakness and into a much more active market.
Also Read: Why Is Uniswap’s UNI Price Up 12% Today
