Arbitrum (ARB) is currently trading at $0.219761, reflecting a 6.28% increase over the past 24 hours. The asset reached a daily high of $0.222819 and a low of $0.206226, indicating a relatively narrow daily range of approximately 7.97%, which points to increased volatility but also buyer interest.

The trading volume stands at 95,248,654 ARB, translating to a volume-to-market cap ratio of 7.44%. This suggests a moderate level of trading activity, with healthy liquidity that supports the current price action and reflects investor engagement following the recent price uptick.

From a technical perspective, the short-term moving averages indicate bullish momentum, with the 8 SMA at $0.2179 showing a gain of 0.85% and the 13 SMA at $0.2161 showing a 1.69% increase. The RSI levels corroborate this bullish sentiment, with a 1-hour RSI at 72 indicating potential overbought conditions, while the 7-day RSI at 55 suggests a healthy upward trend without immediate overextension.

Fundamentally, ARB has demonstrated a 22.63% price increase over the past 30 days, indicating a strong recovery and positive market sentiment. However, the asset is still significantly below its all-time high of $2.39 reached in January 2024, suggesting potential for growth if the current momentum continues.

In conclusion, while the current price reflects bullish short-term trends, caution is warranted due to the high 1-hour RSI suggesting overbought conditions. Given the recent performance and technical indicators, I recommend a Hold rating on ARB, as potential profit-taking could occur in the short term, but the overall upward trajectory remains intact for longer-term investors.