Arbitrum’s Long Positions Surge: Could ARB Surpass $1?

Arbitrum (ARB) is displaying strong bullish indicators despite a 6.4% daily price decline. The order book data and position metrics suggest sustained buying pressure that could push the token toward the $1 milestone. The aggregated order book liquidity delta chart reveals an imbalance between bids and asks. The data shows that the buy orders are consistently outweighing the sell orders over the past 24 hours. 

This buying pressure is particularly evident in the recent uptick in bid volume. The data indicates growing market interest in accumulation at current price levels. A significant shift in market sentiment is also apparent on the exchange liquidation map, with long positions vastly outnumbering short positions on a weekly basis. The cumulative long-liquidation leverage has also been steadily increasing. It suggests that traders are becoming increasingly confident in ARB’s upward potential.

While Arbitrum is trading at $0.8548 at press time, down 6.4% in the last 24 hours, the broader technical picture remains constructive. According to CoinGecko data, weekly performance shows a 20% gain, and the 30-day growth reaches 67.4%. However, the year-to-date returns show that the price is down by 19%.

The token has retraced significantly from its all-time high of $2.39 recorded in January 2024. The data shows that it is currently trading at a 64.4% discount from peak levels. However, the recent accumulation pattern and order book dynamics suggest potential for upward movement.

With technical indicators aligning with positive order book flows and position metrics, ARB appears positioned for a potential test of the psychological $1 level. However, traders should note the resistance levels indicated by the liquidation map between $0.90 and $1.00. Exchange data from major platforms including Binance, OKX, and Bybit shows increasing buy-side liquidity.

These levels could provide temporary obstacles to upward movement. The confluence of strong bid support, declining ask pressure, and favorable long-short ratios provides a constructive foundation for ARB’s price action, despite recent short-term volatility.