Arweave (AR) is poised for a significant breakout after spending nearly a year trapped within a descending channel. The token’s price, currently hovering near $6.10, has shown signs of strength with gains over 4.5% in recent days and a potential rally towards $17.78 – a 190% increase from current levels. This potential surge is driven by growing bullish momentum and accumulating buying activity. \n
Arweave’s price action for the past year has been contained within a tight descending channel, with both upper and lower boundaries holding firm. However, recent months have seen an emergence of higher lows in its price charts, hinting at a potential shift from consolidation to growth.
\nThe key resistance level near $6.17 has historically capped rallies, keeping the asset trapped in a downtrend. Yet, this level is now being challenged as buyers are slowly gaining ground on sellers.
A decisive breakout above this channel’s resistance could propel AR to $17.78. This target reflects a 190% gain from the breakout point and corresponds with a previous support zone that is now acting as resistance. The increasing volume in recent rallies supports this prediction.
\nIncreased buying interest, confirmed by strong volume spikes during the rallies, indicates growing bullish momentum beneath the surface. This technical setup suggests a potential shift from consolidation to an aggressive upward trend. If buyers can hold on to this momentum and capitalize on broader altcoin season, AR could see even more significant gains.