• The price of Tellor (TRB) rose to $119 on Monday as whales accumulated more tokens, signaling a potential bullish continuation.
• The current price of TRB is just 26% below its all-time high of $164, reached in May 2021.

Tellor (TRB) experienced a price surge on Monday as positive market momentum continues to benefit many altcoins. According to CoinGecko, TRB was trading at $117 at the time of writing, representing a 15% increase in the past 24 hours. The surge in price follows a bullish breakout from a low of $96, propelling TRB past the $110 mark.

What is Tellor?

Tellor is a decentralized oracle network that uses smart contracts on the Ethereum blockchain. The protocol’s oracle feeds enable the integration of off-chain data into smart contracts on a permissionless infrastructure. Data providers compete for incentives in TRB tokens, and the platform supports the development of the decentralized finance (DeFi) ecosystem.

Tellor recently launched on the Manta Pacific mainnet and is also integrated with other EVM-compatible chains like Ethereum, Arbitrum, and the Filecoin Virtual Machine.

Why is the Tellor (TRB) price rising?

Whales accumulating TRB tokens have contributed to the recent price gains. According to on-chain data sleuth Lookonchain, more than 27,400 TRB tokens, worth over $3.18 million, have been transferred from the crypto exchange Binance in the past few hours. This accumulation by whales has coincided with the 15% price increase of TRB.

This trend of whale accumulation was also observed last week when TRB price saw significant spikes on October 23 and October 25.

2 fresh wallets withdrew 24,784 $TRB ($1.88M) from #OKX and #Binance ~10 mins ago.

A total of 7 fresh wallets have withdrawn 198,755 $TRB ($15.06M, 7.83% of the total supply) from exchanges in the past 3 days. pic.twitter.com/TKh2C9XnSc

— Lookonchain (@lookonchain) October 23, 2023

With whales consistently accumulating TRB tokens, there is a possibility that TRB/USD could surpass its immediate resistance level. The next key resistance zone for TRB may be above the all-time high of $160.

TRB reached its all-time high of $164 in May 2021, indicating that the current price is only 26% below the peak.