Bittensor's open interest nears ATH — Is a TAO bullish rally ahead?

TAO recorded over 12% gains past 24 hours, making it the top-performing coin among the top 50 by market cap but can the trend continue?

AI coins have outperformed the broader crypto market throughout 2023. This growth was largely driven by the increased adoption of AI.

However, one AI coin in particular has emerged as the leader. Over the past year, TAO has charted a 1020.9% price growth. Moreover, September was especially kind to TAO, as the AI coin rose by 65.52%.

In fact, at the time of writing, Bittensor was trading at $567.12. This marked a 90.09% increase over the past week.

Other AI coins have made a modest surge compared to TAO. While Bittensor price increased by 90% on the weekly charts, Near Protocol surged by just 19.94%. At the same time, the Artificial Superintelligence Alliance rose by 28.41%. Additionally, Render has made significant gains soaring by 23.2%. Finally, Injective has risen by 20%.

According to AMBCrypto’s analysis, Bitternsor is experiencing a strong upward momentum. Since the wedge upside breakout, it has surged by 40.33%. Therefore, the prevailing market conditions positions TAO for further gains on price charts.

For instance, Bitternsor’s futures open interest has surged from $61.

This shows a positive market sentiment as those betting against the market are being forced out of their positions. While long position holders showcase confidence in the altcoin’s future price movement.

Put simply, TAO is seeing a strong upward movement with positive market sentiment. Hence, if the current market conditions hold, the altcoin will be surging past the $586 resistance.

Gladys is a passionate crypto-enthusiast and price analyst.