Arbitrum Price Surges 17.2% as Standard Chartered Predicts $10 Target
Arbitrum's price has surged by 17.2% in the past 24 hours, with trading volume increasing by 220%. The altcoin's Open Interest also saw a 32.5% spike according to Coinalyze data.
The rally is attributed to Standard Chartered's recent report, which gave Arbitrum a bullish price target of $10 by 2030. This represents a staggering 70 times the current market value of the token.
Standard Chartered views Arbitrum as the 'blockchain for TradFi', citing the Arbitrum Expansion Program (AEP) fees, which are collected when another chain settles transactions using the Arbitrum stack. The AEP fee is 10%, and Robinhood Chain is the biggest contributor to this line, resulting in an estimated $5 million revenue for Arbitrum in September.
Looking at the technical indicators, a bullish shift occurred back in July when the downtrend's swing point at $0.09 was breached. Since then, Arbitrum has set higher lows and higher highs, with the bulls breaching the $0.1495 weekly swing point to prove their strength.