Bittensor up 16% in 24 hours – Is $800 next for TAO?

• As of press time, Bittensor was in the gains leaderboard.
• Smart Money are massively accumulating TAO.

Bittensor [TAO] continues to show strong momentum within the AI cryptocurrency ecosystem. As of press time, TAO had gained over 16%, making it one of the top gainers in the last 24 hours for the top 100 crypto coins by market cap, according to CoinMarketCap.

In addition, the trading volume surged by 77%, placing it among the top 30 most traded assets, further highlighting its potential for growth. The recent price action of Bittensor reflects this upward momentum, with the TAO/USDT pair showing significant gains.

After breaking out of a broadening falling wedge pattern, TAO has surged by more than 108%, reinforcing its bullish outlook.

Source: TradingView

With current market conditions, there is speculation that TAO could reach the $800 price level if the broader crypto market continues its positive performance during this final quarter of the year.

Before this surge, a brief correction is expected, making it important to identify a safe entry zone just below the current range.

Smart Money accumulation

One of the key factors supporting the potential rise of TAO to $800 is its strong accumulation by Smart Money. Over the past seven days, TAO has ranked as the number one token accumulated by Smart Money investors.

It has overtaken other assets like Solana [SOL] and now leads the Smart Money accumulation table, positioning it ahead of popular projects like Maker [MKR] and Render [RNDR].

Source: CryptoAI

This indicates that key investors believe in TAO’s potential, especially as AI-related coins continue to outperform other crypto sectors.

TAO’s position as a leader in the AI coin market, combined with increased Smart Money interest, further strengthens the argument that a price target of $800 is achievable if the broader market conditions remain favorable.

Global long accounts percentage

Additionally, the global long accounts percentage for TAO, which had previously declined, is now showing signs of recovery. More traders are taking long positions on TAO, reflecting growing confidence in the asset’s upward trajectory.

This increase in long positions aligns with the bullish sentiment surrounding TAO, particularly as AI coins continue to outperform the wider cryptocurrency market.

Historically, the final quarter of the year (Q4) has been bullish for the cryptocurrency space, and if this pattern holds, TAO could be well-positioned to capitalize on it. However, it is important to remember that the crypto market remains volatile and unpredictable.

Bittensor (TAO) is exhibiting strong momentum, supported by Smart Money accumulation and a recovery in long positions. If these trends continue, TAO could potentially hit the $800 mark, making it a coin worth watching as the year draws to a close.