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Arweave price made a strong comeback after rising from the demand zone at $21. AR price has surged nearly 56% in just two weeks, indicating a robust performance.
AR was exchanging hands for close to $33 at the time of writing, recording a swift 0.71% drop intraday.
Earlier in June, AR suffered a strong rejection at the $50 mark and fell sharply to $25 level, losing nearly 50% a month. Furthermore, the recent session displayed a positive development in the social metrics, resulting in a price recovery.
Arweave is a decentralized storage network designed for indefinite data storage. It describes itself as “a collectively owned hard drive that never forgets.”
The network mainly supports “the permaweb,” a permanent, decentralized web featuring various community-driven applications and platforms.
On-Chain Data Reveals Increase in Social Media Users
Areweave’s price showcased a robust performance, outperforming several altcoins in terms of recovery. The bulls seem to retain control and might try to reclaim AR’s last month’s price at the $50 mark.
Furthermore, the recent price surge seemed to be backed by several factors. It includes a significant development in social metrics and transaction volume. The social metrics like social dominance and social volume curve were headed upwards, suggesting a positive development.
The social metrics surged to a three-month high, indicating the increased number of users. Social metrics reflects the number of users engaging with Arweave on social media platforms like X (formerly Twitter), Telegram, etc.
Furthermore, the transaction volume surged by 49.05% intraday to $96.72 Million, indicating a heightened demand. However, the volume-to-market cap ratio at 4.65% suggests a low volatility.
Can Arweave Reclaim its Presence Near the $50 level?
From a technical standpoint, AR surpassed the 20, 50, and 200-day EMAs. It suggested a positive outlook in the short term. The long-term trend outlook reflects a range formation between $50 level on the higher side and the $21 level on the lower side.
On the higher side, AR rose 41% to reclaim its presence near the $50 level. The bulls seem to dominate the short-term trend, so it may continue to inch closer to the $50 level. However, the $36 level may act as a hurdle as it heads toward the $50 mark.
Additionally, if the price suffers near the $36 level, it may slump toward the $30 level again.
Can Arweave Continue to Rise in the Short Term?
AR surged nearly 56% in two weeks, rising from $21 to around $33. Despite a sharp drop from $50 to $25 in June, recent positive social metrics and increased transaction volume have driven recovery.
Social metrics hit a three-month high, indicating more user engagement. Transaction volume rose by 49.05% to $96.72 Million, suggesting strong demand.
Arweave surpassed key moving averages from a technical outlook, showing a positive short-term outlook. The price is expected to move between $21 and $50, with $36 as a potential hurdle. If it fails at $36, it may drop to $30.