On a night when BTC fell 2.42% and ETH dropped 5.07%, $ARB plunged 11.77%. It’s now at 0.1649, with a 24-hour range of 0.1612 to 0.1873 and about 25.26 million USDT in trading volume. It fell twice as hard as the broader market, and the KOLs’ “ecosystem narrative” couldn’t absorb the selling pressure.
Holders are watching to see whether the 0.1612 low holds; those looking to enter are waiting for KOLs to change their tune; the project team and competing L2s are watching the same pool of liquidity. People talking bullish may not feel the same way about it in their wallets.
What’s worth watching is the price-volume action: was the 25.26 million USDT in trading volume panic selling or someone buying the dip? Whether it can reclaim the 0.1873 range high will be easier to verify than anything a KOL says. Opinions can be made up; trading volume can’t.