Bittensor (TAO) is making waves. Especially since at press time, TAO stood out as one of the day’s biggest gainers. The altcoin recorded a 15% daily surge, sparking fresh interest from both traders and investors.
Needless to say, this sharp move has triggered a noticeable shift in market activity, with buyers further extending their dominance.
Whale accumulation intensifies
Following the rally, large investors started accumulating fresh orders at the altcoin’s trading price.
Borrowing from previous observations, whale accumulation often signals growing confidence in an asset’s short-term outlook.
In TAO’s case, the buying pressure seemed to be visible across multiple markets, with greater involvement of big players likely to accelerate the bull run further.
Buyers dominate spot and derivatives markets
AMBCrypto’s analysis of TAO’s derivatives data also revealed that buyers are currently dominating both Spot and Futures markets.The token’s Future Taker Cumulative Volume Delta, for instance, hinted at a sustained buyer dominance over the past week.
The development might be evidence that aggressive market orders from TAO buyers are outpacing those from sellers and the impact on its price action could be prolonged.
In most cases, whenever this happens, price rallies often gain stronger support. The alignment between whale accumulation and buyer dominance strengthens the case for sustained momentum.
Open interest hits multi-month high
Another important signal came from the derivatives market. TAO’s Open Interest crossed the $210 million-mark – Hitting its highest level since early January.
Rising Open Interest generally means that new capital is entering the market. When it increases alongside the price, it often reflects growing conviction among traders.
Such a combination can sometimes sustain rallies longer than expected.
Can the rally extend further?
At press time, TAO appeared to be in a strong momentum phase. On the daily chart, its price action had just cleared the resistance level at $212.62.
In fact, TAO’s price was still trading above the 50-day Exponential Moving Averages (EMA), highlighting that the momentum may be far from over and that the recent breakout could be still on hold.
Given its prevailing pace, the market imbalance at around $262 stands out as the next legitimate target for bulls.
Whale accumulation, rising Open Interest and aggressive buyer activity, all have been aligned in the bulls’ favour.
However, the key factor will be whether buyers can maintain dominance as the rally progresses. If ongoing momentum holds, TAO could continue building upward pressure in the sessions ahead.
Final Summary
-
TAO prices surged by 15% in 24 hours, emerging as one of the market’s top gainers.
-
Whale accumulation and rising Open Interest above $210M hinted at strong bullish momentum.
Kelvin Murithi is a crypto journalist and on-chain analyst covering market structure, price action and blockchain data. He is a Bsc. Actuarial Science graduate and harnesses his statistical and data analysis skills to translate complex metrics into clear insights for everyday crypto investors.
