The price of Bittensor (TAO) has sharply increased by more than 10% over the past day and 17% over the week. Current attention on TAO is attributed to institutional buying and the resurgence of interest in AI cryptocurrencies.
Reasons for TAO Price Surge
Recently, TAO Synergies boosted its holdings to 42,111 TAO, worth around $16.9 million, by both buying and staking more coins. Another linked entity, xTAO, holds 41,538 TAO. Together, they now control about 0.87% of the total supply.
Most of these tokens are being staked, earning 10% APY, which helps reduce selling pressure and indicates that some major players see TAO as a long-term investment.
Outlook for Reaching $1,000
Analyst Rand posted a chart asking when TAO could reach $1,000. The main resistance is around $485–$500, which Bittensor has attempted to break through several times since April. If it can break that level, the next targets are $615 and $700.
Factors Influencing TAO Price
Support on the downside is at $365–$370, with better buying interest at $320–$325. TAO remains bullish as long as it stays above $365. If major buyers continue to increase their TAO reserves and the AI token narrative grows, a push towards $500 could come sooner rather than later.
The rise in Bittensor (TAO) price is driven by both institutional buying and growing interest in AI cryptocurrencies. However, the future movement of the coin will depend on the overall state of the cryptocurrency market and major players’ reactions.
