Arweave (AR) 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

Arweave (CRYPTO: AR) price made a strong comeback after surging nearly 56% in just two weeks, outperforming several altcoins in terms of recovery.

The bulls appeared to be in control and might be attempting to reclaim AR's last month's price at the $50 mark.

Several factors seemed to be contributing to the recent price surge. There was a significant development in social metrics and transaction volume.

Among the social metrics, both social dominance and social volume curve were heading upwards, indicating a positive development.

A Chainнализ revealed that the social metrics surged to a three-month high, indicating an increase in the number of users engaging with Arweave on social media platforms.

For instance, 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% suggested low volatility.

From a technical standpoint, AR surpassed the 20, 50, and 200-day EMAs, indicating a positive outlook in the short term.

The long-term trend outlook appeared to be a range formation between the $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 appeared to be dominating the short-term trend, so it might continue to inch closer to the $50 level.

However, the $36 level might act as a hurdle as it heads toward the $50 mark.

Additionally, if the price suffers near the $36 level, it might slump toward the $30 level again.

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