Bittensor surges by 90% in 7 days: Can it reach $645 now?

• TAO surged by 90.09% over the past week, outpacing other AI coins.
• Bitternsor surges to a 5 months high.

Throughout the year, AI coins have experienced exponential growth. This growth was especially driven by the increased adoption of AI.

Amidst this market favorability, Bittensor [TAO] has emerged as the leader. Over the past year, TAO has charted a 1020.9% price growth. The month of September was particularly good for TAO, as the AI coin rose by 65.52%.

In fact, as of this writing, Bittensor was trading at $567.12. This marked a 90.09% increase  over the past week.

Bittensor outpaces other AI coins

Other AI coins have made a modest surge compared to TAO. While Bittensor price has increased by 90% on weekly charts, Near Protocol [NEAR] surged by just 19.94%.

At the same time, the Artificial Superintelligence Alliance [FET] rose by 28.41%. Additionally, Render has made significant gains soaring by 23.2%. Finally, Injective [INJ] has risen by 20%.

This shows that although markets for AI coins has seen increased adoption, TAO saw most gains.

What next?

According to  AMBCrypto’s analysis, Bitternsor is experiencing a strong upward momentum. Since the wedge upside breakout, it has surged by 40.33%. Therefore, the prevailing market conditions positions TAO for further gains on price charts.

For example, Bitternsor’s futures open interest has surged from $61.5 million to $114.06 million. This increase shows that investors are opening new positions suggesting the crypto is growing with increased capital flowing.

The recent price increase was accompanied by higher signals and a strong bullish sentiment.

Additionally, liquidation for short positions has hit a record high. At press time, TAO short position liquidation was at a yearly high reaching $1.45 million. Equally, long positions liquidation over the past week has hit a record low of $139k at press time.

This shows a positive market sentiment as those betting against the market are forced out of their positions. While long position holders show confidence in the altcoin’s future price movement.

Is your portfolio green? Check the TAO Profit Calculator

Simply put, TAO is experiencing a strong upward movement amidst increased positive market sentiment. Therefore, if the current market conditions hold, the altcoin will break out from the $586 resistance level.

A breakout from this level will push Bittensor to $645.