Bittensor (TAO) Gains 7% on Rising Subnet Demand
Bittensor (TAO) price rose 7% on Tuesday due to growing demand for its subnets. In the past 24 hours, the market cap of subnets increased by 11%. Meanwhile, TAO futures Open Interest went up by 19%, showing strong interest from traders.
Subnets Drive Network Growth
Bittensor runs a blockchain network for machine learning models called subnets. These subnets use native alpha tokens. Recently, the subnets market cap jumped 11.7%, signaling more demand for special AI agents.
- 7.23 million TAO tokens are staked on the network.
- 19.72% of staked TAO tokens have been swapped for alpha tokens.
- This swapping trend shows users want higher exposure to subnets.
As more users focus on subnets and alpha tokens, Bittensor’s network activity and demand are expected to increase.
Bittensor Eyes $500 After Symmetrical Triangle Breakout
On the 4-hour chart, Bittensor broke out from a symmetrical triangle pattern. The price is nearing the first resistance point (R1) at $451. This breakout also moved above the Supertrend line, signaling a new uptrend.
If TAO closes above $451, it may climb to the second resistance level (R2) at $499.
Futures data from CoinGlass shows retail demand is growing. TAO’s futures Open Interest rose 19.19% in 24 hours to $333.12 million. This means traders are adding new long positions or increasing leverage.
Technical indicators support this bullish trend:
- The Stochastic RSI lines are rising toward overbought levels after a recent crossover.
- The Relative Strength Index (RSI) is at 69, close to the overbought zone.
However, $400 remains a key support level for Bittensor.
