Elara Upgrade Boosts Arbitrum's Scalability Amid Consolidation
Arbitrum (ARB) has activated its ArbOS 61 Elara upgrade on August 20, 2023, introducing compliance filters and higher contract limits. This technical update increases regulatory flexibility for Orbit chain operators and enhances the protocol's scalability.
The upgrade was approved by ArbitrumDAO and requires network node upgrades. As a result, ecosystem participation continues to rise, with over 10,000 Arbitrum RWA token holders surpassing this milestone.
Technically, ARB is trading above its short- and medium-term moving averages but remains below longer-term trend levels. Momentum signals are strong, with both MACD and ADX indicating a buy setup, while the RSI stands at 76.21 in overbought territory.
The immediate support for ARB comes from the Ichimoku Kijun at $0.0904. Analysts expect consolidation within the range of $0.0919 to $0.1005 over the next 2-3 trading days, with a break above $0.1005 potentially triggering further upward movement.
The upgrade and rising participation have attracted institutional and developer demand, driving interest in Arbitrum's infrastructure enhancements.