TAO Price Surges 170% in September: Could It Hit $750 Next?

• TAO price has surged over 170% this month, driven by strong demand.
• On-chain metrics show strong growth in Bittensor‘s ecosystem, including increased accounts, delegation, and transactions.
• The derivatives market for TAO is also showing bullish signs, with positive funding rates and increased volume and open interest.

When writing, TAO price has seen nearly a 170% gain this month from demand zone. It is experiencing a significant upswing. The strong momentum witnessed this month has effortlessly pushed through the 20-day, 50-day, and 200-day EMA bands.

TAO’s price has garnered even more attention with a significant 11% intraday surge, pushing its value above the $580 mark. This spike was fueled by Bitcoin‘s (BTC) bullish sentiment and recent tweet post announcement. These market events of the recent times have reignited its ascent, pushing it closer to record highs.

This surge boosts TAO’s prospects and injects enthusiasm into the broader altcoin landscape. Continue reading for more insights on whether TAO’s price will continue to rise for a $750 target.

On-chain SHows Parabolic Growth of its Ecosystem

Bittensor has experienced significant growth and adoption in its ecosystem. By the end of Q3 2024, the number of accounts surged from 93.52K at the end of June to 127.18K.

The network also saw an increase in delegation, with staked TAO rising from a quarterly low of 5.71 million to 5.91 million, reflecting growing trust in the project.

Additionally, the number of transactions on the network increased from 2.384 million to 2.605 million this quarter.

TAO Crypto’s Derivative Market Outlook

The Bittensor’s OI-weighted funding rates have climbed to a positive 0.0059%, indicating increased bullishness. Traders are betting on the increased potential for TAO crypto‘s price to increase.

In the past 24 hours, derivatives volume surged by 154.13%, bringing the total traded value to $656.52 Million. This increase reflects the growing demand for TAO crypto in the derivatives market.

Similarly, TAO crypto‘s open interest has reached $154.55 Million, marking a 3.62% increase from the previous session. The 24-hour long/short ratio stands at 1.0202, reflecting more short positions than long ones.

Additionally, $660.53K worth of short positions were opened, while $406.73K in long positions were liquidated intraday. This scenario suggests a positive outlook for Bittensor crypto in the market.

These metrics highlight a strong bullish sentiment for TAO, confirming the recent intraday price surge. The increase in open contracts and higher short-side liquidations suggest that Bittensor’s price could continue to rise.

Bittensor Informs Community, the Real Reason Why its on a Great Rise?

Per its post, Bittensor’s price is growing rapidly due to its decentralized AI approach. The upcoming BIT001 will tokenize each subnet, similar to owning SN1 or SN2 tokens.

Likewise, this innovation could revolutionize AI by enabling decentralized superintelligence. The introduction of TAOBOT will further enhance decentralized AI, promising a bright future for Bittensor’s ecosystem.

Why is $TAO on the rise?

The upcoming arrival of BIT001 is a game changer for decentralized AI! Soon, subnets will evolve into their own individual tokens—like holding SN1 or SN2 tokens—fueling decentralized access to superintelligence. Powered by the Bittensor $TAO network,… pic.twitter.com/NUDwLIz8PK

— tao.bot (τ, τ) (@taodotbot) September 29, 2024

This progress is likely to boost investor confidence and drive bullish momentum in TAO price.

Is $750 the Next Big Target for TAO Price?

TAO price has delivered impressive returns, soaring over 1600% to peak at $755.02 between late 2023 and early 2024. However, it entered a supply zone, leading to a 70% retracement by Q2 2024. Where its price returned to its initial demand level by July 5th.

In Q3, TAO’s price saw brief increases but faced resistance at $358.58, causing declines. It mostly ranged between $200 and $358.58.

On August 5th, a liquidity-driven spike led to a breakout from a falling wedge, but the $358.58 level deflected the price again by August 27th.

On September 6th, the demand area pushed TAO’s price past $358.58, achieving a change of character (ChoCh). The price surged from $225 to $600 and continues to rise. Currently, it has strong support at $520 and is heading towards the main supply zone.

Bittensor’s price surge reflects strong market dynamics and investor optimism. If the bulls succeed, the next target is to retest the $750 level.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.