- Open Interest surge and Coinbase listing boosted TAO’s momentum and investor confidence.
- Social Volume and liquidations showed strong market support for continued upward movement.
After breaking out from its descending wedge channel, Bittensor [TAO] has caught the attention of traders and analysts alike, as it continues to show impressive upward movement.
At press time, the token was trading at $450.87, reflecting an 18.92% price increase in just one day.
As TAO tests key resistance levels, the market eagerly awaits whether it can maintain this upward momentum or face a period of consolidation.
Open Interest rise: What does it mean?
Open interest (OI) for TAO has surged by an impressive 30.81%, reaching $221.98M. This surge indicates that investors are increasingly confident in TAO’s potential for further gains.
When OI rises, it signals that more capital is flowing into the market, which can provide liquidity and contribute to sustained upward momentum.
How will Coinbase’s listing affect TAO?
Coinbase’s announcement to list TAO on the Bittensor network has stirred market excitement. This listing offers the cryptocurrency greater visibility and increased access for investors, especially as Coinbase remains one of the largest cryptocurrency exchanges.
As a result, the listing could encourage more traders to participate, leading to further upward momentum.
Therefore, the Coinbase listing could catalyze an even stronger rally in TAO’s price.
Is TAO ready to surge beyond $445?
TAO has been steadily climbing and is now testing the key resistance level of $445.11. If it breaks past this resistance, the next major target is $455.
This price movement indicates a solid bullish trend, with the potential for further gains in the coming weeks.
However, if Bittensor faces a setback and fails to clear this resistance, a brief consolidation phase may follow before another attempt to break through.
Source: TradingView
Rising Social Dominance and Volume: A bullish indicator?
TAO has also experienced a notable increase in both Social Volume (SV) and Social Dominance (SD).
At the time of writing, SV had reached 61, while SD for TAO was at 0.296%, reflecting a sharp rise in discussions and engagement around the coin.
This signals growing investor interest, as SD often correlates with price movement.
Additionally, this rising social buzz could be a key factor that helps propel TAO’s price even further in the coming weeks.
Source: Santiment
TAO liquidation: Shifting market sentiment
The total liquidations for TAO show a favorable balance between long and short positions. Long positions currently dominate, with liquidations at $517.03K for long positions compared to $58.8K for short positions.
This indicates that market participants expect the bullish trend to persist. This shift in sentiment highlights growing confidence among traders, with few actively betting against TAO’s upward movement.
Source: Coinglass
Can Bittensor maintain its bullish momentum?
Bittensor has successfully broken out of its descending wedge, and key metrics such as OI, SV, and Coinbase’s listing all point to continued upward momentum. If it clears the $445 resistance, it could head toward higher targets soon.
However, any failure to break past this level could lead to a period of consolidation.
Therefore, TAO has a solid chance of sustaining its bullish momentum, provided it can overcome the immediate resistance.
