beincrypto.com
In a noteworthy series of moves by crypto whales, a total of $5.46 million worth of Tellor (TRB) tokens were recently moved to centralized exchanges.
This indicates potential sales impacting the token’s market dynamics. The Tellor whales’ activities coincide with TRB’s significant price volatility, suggesting potential profit-taking.
Can TRB Hit $232 Despite Crypto Whales Selling?
Spot On Chain, an on-chain analysis platform, tracked a significant transaction where a crypto whale wallet 0xf2b deposited 10,582 TRB (approximately $1.32 million) to Coinbase. The crypto whale made the transaction at a price of around $124.
Previously, this wallet withdrew the tokens at an average price of $57.7. Hence, he will realize an estimated profit of $706,000—a 116% gain in nearly two months.
Read more: A Comprehensive Guide on Tracking Smart Money in the Crypto Market
Additionally, several other crypto whales replicated this pattern of buying low and selling high between early March and May 2024.
“Lastly, please note that this is the sixth whale that withdrew TRB from Coinbase between early March and May and then deposited all tokens back to the CEX for profits in the past 3 days after the price surged up to 108%,” Spot On Chain said.
For instance, another crypto whale wallet, 0xeb1, deposited 10,486 TRB (valued at about $1.38 million) to Coinbase. The crypto whale withdrew TRB at an average price of $76.59. He held the tokens for over two months, securing a profit of $581,000, representing a 72.4% return.
Moreover, a third crypto whale wallet, 0xb4b, engaged in a similar strategy, selling TRB tokens worth approximately $1.4 million to achieve a profit of $488,000 (54.5%). Also, another crypto whale – 0xfac, deposited 10,375 TRB ( ~ 1.36 million) to Coinbase to realize an estimated profit of $461,000.
These strategic trades underscore a common approach among crypto whales to maximize returns within relatively short trading periods.
Despite these substantial sales, TRB’s market performance has demonstrated resilience. The token recently experienced a breakout from a bull flag pattern, a bullish continuation pattern characterized by a swift price movement followed by a consolidation phase resembling a flag.
This breakout indicates that TRB might extend its uptrend, with crypto analysts like Emre suggesting a potential target of $232.
Read more: Everything You Need To Know About Bull Flag Patterns
However, this bullish forecast would be invalidated if TRB falls below a critical support level of $115.As TRB continues to show robust market movements, stakeholders should closely monitor these developments.