In an interesting turn of events, crypto whales have made significant moves in the Tellor (TRB) market by selling a total of $5.46 million worth of TRB tokens on centralized exchanges. This has raised concerns about the impact on the token’s market dynamics and has coincided with TRB’s notable price volatility, indicating a potential profit-taking strategy by these whales.
One notable transaction was tracked by Spot On Chain, an on-chain analysis platform, where a crypto whale wallet deposited 10,582 TRB (approximately $1.32 million) to Coinbase at a price of around $124. This same wallet had previously withdrawn the tokens at an average price of $57.7, resulting in an estimated profit of $706,000 or a 116% gain in just two months.
Other crypto whales have also been observed following a similar pattern of buying low and selling high between March and May 2024. A total of six whales withdrew TRB from Coinbase during this period and deposited the tokens back to centralized exchanges for profits after the price surged by 108%.
Despite these substantial sales, TRB’s market performance has remained resilient. The token recently broke out from a bull flag pattern, signaling a potential continuation of its uptrend. Crypto analysts, such as Emre, have even suggested a potential target price of $232 for TRB.
However, it is important to note that this bullish forecast could be invalidated if TRB falls below a critical support level of $115. As TRB continues to demonstrate robust market movements, it is crucial for stakeholders to closely monitor these developments.