Arbitrum is trading at $0.0929, less than 1% above its all-time low of $0.0883, as selling pressure intensifies across the market.
On-chain data shows holders have been consistently selling at a loss since February, with realised losses recently reaching around $619,000, signalling weakening investor confidence.
The Chaikin Money Flow indicator has also turned negative at -0.08, indicating capital is flowing out of the token and reinforcing the bearish trend.
A previous recovery attempt above $0.11 in mid-March failed, with sellers quickly regaining control and pushing prices back toward key support levels.
Technical analysis shows a 15.76% decline from the $0.11 range has already played out, with price now sitting near its projected downside target.
Further downside of around 5% could push ARB back to its all-time low of $0.0883, with limited support levels remaining below current prices.
Additional pressure may come from a scheduled token unlock on April 16, which could increase supply and weigh on price unless broader market conditions improve.
At the time of reporting, Arbitrum price was $0.09401.