TAO Snaps Its Sideways Streak as Bulls Regain Control After Two Weeks

Core Insights - Bittensor's native token, TAO, has experienced a 6% price increase in the last 24 hours, breaking out of a two-week horizontal channel that had kept prices stable since September 23 [1][2] - The rally is attributed to improved liquidity in the crypto market, with increased capital inflows amid a weakening US dollar and uncertainty in traditional finance [1] - The bullish sentiment in the broader crypto market suggests that TAO may reach new local highs if the current momentum continues [1] Price and Trading Volume - TAO traded within a horizontal channel from September 23 to October 7, resulting in muted price performance until the recent breakout [2] - The daily trading volume for TAO has surged to $212 million, marking a 108% increase in the past 24 hours, indicating strong market demand [3][4] - The simultaneous rise in price and trading volume validates the breakout, suggesting genuine market demand rather than speculative trades [4] Market Sentiment - TAO's long/short ratio is currently at 1.01, indicating that market participants are predominantly holding long positions, reflecting bullish sentiment [5][6] - A long/short ratio above one suggests that traders expect upward momentum, contrasting with a ratio below one, which indicates bearish sentiment [6] Future Price Projections - If buying pressure continues, TAO could potentially retest early-September highs and reach $373.31 [7] - Conversely, if demand decreases, TAO may lose momentum and fall to $333.9, with a risk of dropping below $320 if support weakens [8]