The cryptocurrency market has experienced an uptick in recent weeks, with various tokens seeing significant price gains. Bittensor (TAO) is one such token that has seen a notable increase in value, surging by over 66% since the start of the month.
This surge can be attributed to several factors, including increased social engagement and ecosystem milestones. The completion of the Covenant-72B decentralised LLM training run and Grayscale's opening of a private TAO trust have contributed to this growth. Additionally, subnet Targon's reporting of $10.5M annual revenue has also played a role in attracting capital.
Technically, the structure now favors the bulls, with higher lows forming and momentum improving. However, a confirmed breakout above the $312 resistance zone is required to validate further upside. If this occurs, it could open the path toward higher targets, including the $400-$500 range.