Arbitrum [ARB] has been gaining attention from analysts who believe that the token could rally by 125% – 200% amid key bullish catalysts. According to Andrew Kang of crypto VC Mechanism Capital, ARB is currently undervalued compared to other altcoins like Sui, AVAX, and Tron. He pointed out that ARB trades at a fraction of the price of these coins but has higher volume and TVL, making it a potentially lucrative investment option.
One of the key catalysts for ARB’s price surge is Ethereum’s interoperability research and massive institutional interest in the altcoin. Blockworks Research’s Ryan Connor also highlighted Arbitrum’s Timeboost, a new priority transaction ordering system, as a significant catalyst for driving more activity on the platform. The research firm believes that the market has been mispricing ARB, indicating potential for further gains.
In terms of price targets, analysts suggest that ARB could reach the upper channel ($1.9) on the weekly charts, representing an 80% potential gain. If ARB extends to its 2024 high of $2.4, the potential rally could increase to 127%. A breakout from the descending channel could lead to a bullish target of $3.35, translating to a 213% gain from its current value of $1.
The long-term prospects of ARB are also tied to Ethereum’s price direction and regulatory developments. With ETH expected to hit a new all-time high by January 2025, analysts believe that strong momentum in ETH could lift ARB even higher. The movement of top whale wallets, which have increased ARB holdings from 6 billion to 7.15 billion tokens since September, also points towards an extra rally for ARB.
Overall, analysts foresee a bullish outcome for ARB with potential gains of over 200% from January 2025. However, the direction of ETH could play a crucial role in determining ARB’s trajectory. Any negative sentiment towards Ethereum could impact ARB’s bullish projections.
Disclaimer: The information presented in this article is based on the writer’s opinion and should not be considered as financial, investment, or trading advice. It is recommended to conduct thorough research and seek professional advice before making any investment decisions. The world is full of fascinating and complex creatures, but one that never fails to capture our attention is the octopus. These mysterious and intelligent sea creatures have long been the subject of fascination and study, with researchers continually uncovering new and surprising facts about them.
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