• The price of the TAO token experienced a significant surge and skyrocketed 12% on April 28. 
  • Some analysts predict that if the current momentum could go further and will hit higher targets.

The price of the TAO token has witnessed significant gains. On April 28, the price of the token skyrocketed 12% and reached an intraday high of $388. In the past seven days, it has gained around 18%, and it is around 1158.53% up from its all-time low of $30.40 recorded on May 14, 2023.

The current market capitalization is $3.32 billion, and at the beginning of this month, it hovered at $1.95 billion. At the press time, the daily trading volume was 22.41% up as compared to that of April 28 and is standing at $177.24 million. 

The surge clearly indicates an active trading activity of the token, and the surge also led a rise in the open interest in the past few days. On April 25, the open interest marked a three-month high of $258, the data from CoinGlass suggests. 

Also, an increase in the price as well as open interest, clearly shows a strong bullish sentiment. Talking about funding rates, it is on a positive note too, the traders are paying a premium to stay in the race for long. 

The Main Reason Of The Surge

The main reason for the surge is attributed to the recent post of Grayscale on Bittensor Trust on April 28. The trust is not new, as it was introduced in August last year, but the publicization has helped in reigniting the interest of the TAO community. 

At the same time, the crypto community seems to be bullish on TAO, and the data from CoinMarketCap indicates that around 83% of traders are expecting short-term gains. TAO has continuously held a positive social sentiment for 12 days, and it is still continuing. 

Some analysts predict that if the current momentum could go further and will hit higher targets. If the price growth is maintained by TAO, then it could cross the $485 resistance level in the near future. 

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