Arbitrum (ARB) network, the leading layer-two (L2) scaling solution on the Ethereum ecosystem with more than $2.66 billion in Total Value Locked (TVL), has been preparing to enter the parabolic phase of the bull market in the past few weeks. The mid-cap utility altcoin has rebounded on the daily 50 Moving Average (MA) after being trapped in a market correction phase in the last three weeks.
Additionally, ARB price on the daily time frame has broken out of a falling logarithmic trend, and a consistent close above the support range between $1.72 and $1.83 will guarantee a continued bullish outlook in the coming weeks.
As a result, it is safe to assume the Arbitrum bulls are in control and a new all-time high (ATH) will be reached in the near term.
Arbitrum Network Facilitates Mass Adoption of Ethereum Smart Contracts
Despite being in the market for less than two years, the Arbitrum network has recently been making huge waves in the web3 industry. Most top-tier web3 projects on the Ethereum network – including Uniswap, GMX, Balancer, and Hyperliquid, among others – have launched on the Arbitrum network to access more global users at scale.
Furthermore, the Arbitrum network is backed by reputable web3 venture capitalists led by Offchain Labs, Pantera Capital, and Polychain Capital, among many others.
ARB Price Analysis
According to a popular crypto analyst based in The Netherlands, Michaël van de Poppe, ARB price is well positioned for a renewed upsurge after completing a 35 percent market correction. However, Poppe expects the ARB price to generate bullish sentiment after the Ethereum price rebounds from the ongoing market correction.