In May, Tellor (TRB), a decentralized oracle network, significantly outperformed expectations, almost doubling its market capitalization early in the month. As of April 30, TRB’s market value was $143.32 million. By the morning of May 7, in Asia market hours, this figure had surged to an impressive $247.81 million.
This substantial growth aligns with a noted increase in crypto whale activity. Furthermore, it suggests a wave of profit-taking may influence the market dynamics.
Unpacking the Surge in Tellor’s Market Capitalization
Data from the blockchain analytics platform Santiment revealed a spike in crypto whales’ transactions and active addresses involving TRB. Specifically, on May 6, there were 212 daily active addresses, and whale transactions exceeded $100,000, totaling 16.
This starkly contrasts with May 1, which saw only 131 active addresses and no significant crypto whale transactions. However, this activity indicates a growing investor interest and potential for profit-taking from TRB.
Read more: Which Are the Best Altcoins To Invest in May 2024?
Despite this, crypto analysts remain optimistic about TRB’s price trajectory. Analyst Javon Marks, highlighting Tellor’s market strength, anticipates a continued upward trend.
“TRB (Tellor) is now starting to display major strength after holding a bullish pattern and can still be getting ready for a massive, [above] 315% move back to [over] $261,” Marks commented.
He then reiterated his positive outlook, highlighting the responsiveness of TRB prices to recent patterns. This optimistic analysis is further supported by the technical patterns observed. The formation of higher lows in price action coupled with lower lows on the momentum oscillator suggests a bullish continuation for TRB.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
As of the latest updates, Tellor trades at $95.78, marking a 4.7% increase in the last 24 hours. Over the past seven days, however, the cumulative price increase has exceeded 70%, reflecting a strong upward trend that could potentially continue as predicted by market experts.
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