Arbitrum (ARB) Sees Significant Outflow Amid Market Volatility

Arbitrum, a popular blockchain platform, is facing renewed pressure in the market after experiencing a significant outflow of capital worth $56.9 million in the last 24 hours. This development has deepened concerns about the token's short-term stability and volatility.

The token's price has been declining steadily over the past week, with a drop of 16.14% according to CoinMarketCap data. The trading volume has also decreased by 9.35%, standing at $137.48 million as of press time.

Analysts are closely monitoring key support levels as ARB consolidates near the lower boundary of a descending channel on the three-day chart. Some experts believe that if momentum picks up, it could see a strong move towards the $0.70 mark, while others suggest a breakout from the falling wedge pattern could result in a sharp move towards the 2+ supply zone.