Bittensor [TAO] Edges Up 2.34% as New Research Highlights Growth Potential

Bittensor [TAO] edged up 2.34% over the last 24 hours, reflecting fresh market interest in the token as of the latest reading.

Bittensor [TAO] had risen 2.34% in the past 24 hours, reflecting fresh market interest in the token at the latest reading. This mild uptick came shortly after new research highlighted the asset’s growth potential.

Naturally, if the current trajectory holds, it could add to TAO’s impressive 48% monthly surge and its 23% gain over the past 30 days.

Research shows TAO remains an outperformer

A study by Funstrat on TAO’s performance showed the asset outperformed major market assets and had more growth potential ahead.

A performance comparison between Bitcoin [BTC] and Ethereum [ETH]—two leading assets in the crypto market—since March 2023 showed TAO’s performance remained strong.

While Bitcoin gained 195%, Bittensor had gained 169%, a 26% difference. A comparison with Ethereum shows that TAO rose 167%, while Ethereum saw a 2% increase over the past two years.

Interestingly, there has been notable adoption of TAO by Grayscale institutional investors and across the market.

According to the report, the number of users in the market had risen by 200,000 within this period, an increase that had influenced its price growth.

Among AI tokens in the crypto market, TAO continues to dominate ahead of Render [RENDER], Near Protocol [NEAR], and Artificial Superintelligence Alliance [FET], with a collective gain of 140%.

Market reacts positively

Of course, the market has responded with strong buying activity.

At the time of writing, Coinglass Netflow, which tracks accumulation, showed that in the past 24 hours, there had been more buying activity. Traders purchased $3.11 million worth of the token from the market.

Source: CoinGlass

Similarly, in the derivatives market, the buying volume remained high, with a 1.0105 reading indicated by the long-to-short ratio.

When this ratio is above 1, it indicates that there had been more buying than selling in the derivative markets.

If buying activity continues to grow, it could imply that TAO’s price will continue to rise, potentially reaching new highs for the year.

To determine how far TAO could rally, AMBCrypto analyzed its price on the chart to identify the asset’s next level. 

Using the Fibonacci retracement level, Bittensor could potentially rally to a high of $697.7, the peak of the line marked out.

Source: TradingView

Having said that, TAO faces resistance ahead. Three key levels—$370.2, $425.2, and $495.3–may slow its ascent. At each hurdle, price could consolidate or pull back slightly before any fresh leg upward.

However, with momentum building and investor sentiment leaning bullish, a continued rally in the coming days appears likely, especially if accumulation sustains its current pace.