YEREVAN (CoinChapter.com) — Popular cryptocurrency analyst Michael von de Poppe believes ARB, the native token of Ethereum layer-two (L2) scaling solution Arbitrum, can soon have a price surge of at least 120%. His predictions come as ARB price tanked following the 55% rally to its all-time high of $2.39 in the first two weeks of last month. 

Sharing his predictions on X (formerly Twitter), Poppe highlighted that the recent 35% dip in ARB price could mark an end to bearish sentiments. With the altcoin now consolidating, the analyst believes Ethereum (ETH) price recovery will send Abritrum’s price surging. 

“The view remains unchanged on ARB. Had a correction of 35% and is consolidating. Overall, every correction between 20-60% is one to get yourself interested into an asset. I think ARB is going to do well after Ethereum picks up pace,” 

he posted. 

Poppe had earlier made a similar prediction on the ARB price where he had suggested it would fall to $1.40-1.60 levels. Back then, he had forecast that the subsequent consolidation and rally could send Arbitrum to the $3-$4 mark. 

Charts suggest that ARB is currently trading in line with his forecasts. At the time of writing, Arbitrum’s price hovers around the $1.83 mark, with a 24-hour trading volume of $415 million. 

Currently, Arbitrum has a total market cap of $2.3 billion and sits at 39th spot just below Monero (XMR).

A range of recent developments that highlight the project’s growth and potential within the crypto market back Michael von de Poppe’s bullish prediction on Arbitrum.

Arbitrum price to surge following bullish developments 

Arbitrum is set to unlock 1.1 billion ARB tokens in March, which could have significant implications for its market dynamics and support predictions of a price surge. 

The “unlock” event, scheduled on March 16, will see tokens worth $2.3 billion hit the market, based on today’s ARB price. 

Currently, over 85% of the token’s circulating supply of 1.275 billion remains locked. This event marks a crucial phase in Arbitrum’s roadmap, potentially increasing liquidity and interest in the token.

Moreover, the upcoming launch of the new ArbOS version signifies Arbitrum’s commitment to continuous innovation. Collaborations with significant Web3 leaders and integration with Chainlink enhance Arbitrum’s appeal. They broaden its utility and foster a more robust development ecosystem. 

Additionally, there is a broader trend of growing interest in Layer 2 solutions as a means to enhance Ethereum’s scalability and efficiency. This provides a solid foundation for Michael von de Poppe’s optimistic predictions for an Arbitrum price surge. 

The post Arbitrum Price Will Surge 120%: Analyst appeared first on CoinChapter.

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Filed under: Bitcoin - @ February 7, 2024 8:42 pm