Arbitrum's ARB jumped 27% in a day to trade around $0.11, its highest level since late May. The rally coincides with more than $1 million in fees generated by Robinhood Chain, an Arbitrum-based network, while chart watchers are split on how much further the move can run.
Robinhood Chain fees drive the rally
ARB leads the entire top 100 club today (September 1) as the strongest performer, even as the broader market posted a slight overall decline over the past day. The token climbed 27% in a single day and now trades around $0.11, per CoinGecko, the highest point since late May. Its market capitalization surpassed $730 million, making it the 86th-largest cryptocurrency.
The most likely catalyst behind the move is Robinhood Chain. Arbitrum's team revealed that the Robinhood Chain generated more than $1 million in fees in the last 24 hours, and said that as a dedicated Arbitrum chain, 10% of that protocol revenue flows back to the Arbitrum ecosystem.
Traders eye resistance near $0.1495 and $0.1729
Chart watchers are weighing how far the breakout can extend. X user Master of Crypto said ARB is nearing the end of a long consolidation after trading inside a symmetrical triangle, with resistance around $0.1495 and $0.1729. A clean break above the triangle could open the door to those levels, the analyst suggested, in what could signal the start of a bigger trend move.
Another trader, X user OxNeena, argued that ARB is already breaking out. In their view, holding above key support just above $0.08 could open the door to further gains toward $0.12, $0.14 and $0.16.
Source: CryptoPotato
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