Decentralized Blockchain Network Bittensor and TAO Token See Strong Growth
The decentralized blockchain network Bittensor and its native token, TAO, have been on a significant upward trend in the past month, surpassing major cryptocurrencies like Bitcoin and Ethereum in terms of performance. TAO, designed for decentralized finance (DeFi) applications, has soared past $400, registering nearly a 45% increase in the last month and an impressive 695% jump year-to-date.
Market analysts are bullish on TAO’s future prospects, with the token hitting an all-time high of $757 earlier this year. Many experts believe that TAO has the potential to revisit this price level before the year concludes.
Factors Driving Bittensor’s Price Rally
Technical analyst Altcoin Miyagi has observed Bittensor’s rapid movement beyond liquidity zones, approaching a key target of $450. He foresees a minor correction and some volatility before the price continues its climb towards $600. Miyagi also points to the upcoming “artificial intelligence (AI) season” as a catalyst for investor interest in TAO, given Bittensor’s focus on decentralized AI production.
According to Bittensor’s website, TAO serves as the decentralized currency powering AI production within subnets, enabling profitable interactions among different AI entities to enhance capabilities collectively.
Analysts Envision $1,000 Target for TAO
Currently priced at $415, TAO has surged over 43% in the past week and 10% in the last 24 hours. Despite this growth, the token remains around 45% below its peak in April. Market analyst Crypto Pirates notes that TAO recently broke out of a 100-day consolidation phase following a substantial correction after losing over 80% of its value during the broader market crash on August 5.
Crypto Pirates believes that the ongoing breakout could signal a significant upward move for TAO. Additionally, analyst EyeofCyber expresses confidence in TAO reaching the $1,000 milestone soon, citing Bittensor’s leadership in decentralized training.
While optimism surrounds TAO’s potential, market corrections are common after strong price surges. Maintaining lower support levels will be crucial for TAO to sustain its bullish trend and achieve further price gains.
Featured image from DALL-E, chart from TradingView.com