Key takeaways
Why is TAO attracting renewed attention?
Whales increased the average futures order size, hinting at accumulation and growing confidence near $345.
What could define Bittensor’s next step?
A daily close above $345 could confirm a breakout, while rejection risks a new consolidation phase for the token.
October 7, Bittensor (TAO) has gained over 10% in the past 24 hours, briefly testing a major resistance area near $345. The rise came as traders wondered whether the move marked the start of a breakout or yet another block in the TAO’s extended consolidation phase.
At press time, the altcoin was below descending resistance – a level that has historically shaped its mid-term trend.
AMBCrypto examined whether increasing whale activity and market positioning could fuel a lasting breakthrough, or if TAO’s momentum is already fading.
Whales re-enter the futures market
Average futures order size data from CryptoQuant showed that large holders have been steadily adding positions over the past two sessions. This steady accumulation aligns with rising price and could create pressure to break through the $345 resistance.
Historically, such a grouping of whales preceded the escape phases. This trend reflects investors’ growing confidence in the near-term upside potential of TAO.
Source: CryptoQuant
At the same time, Volume Bubble Map readings revealed slowing dynamics in the futures and spot markets. This moderation indicates that short-term traders likely took profits while observing TAO behavior near resistance.
Source: CryptoQuant
Despite the pause, Spot Taker’s cumulative volume delta (CVD) suggested that longs continued to dominate short-term activity, hinting that long-term participants could soon take control of spot demand.
Source: CryptoQuant
Rising wedge resistance faces key test
On the daily chart, TAO appears poised to break out after months of sideways movement since the April rally. Most analysts have identified $345 as a make-or-break level; a daily close above could mark a mid-term trend change.
Failure to exceed the price could trigger profit-taking towards support around $325.
Source: TradingView
Meanwhile, Stochastic RSI data from TradingView showed overbought conditions, implying that the bullish momentum may be running out of steam. A slight pullback towards the $325 demand zone could precede any sustainable recovery.
The overall outlook nevertheless remains positive. Whale accumulation and strong futures positioning supported a long-term bullish bias for holders maintaining long exposure near current prices.
Escape or rejection to come?
TAO’s next move depends on how price reacts to wedge resistance. Sustained whale accumulation supports a bullish bias, but cooling volumes suggest caution.
A confirmed breakout above $345 could spark further buying interest. However, failure to do so could prolong the TAO’s consolidation phase, which has capped gains since April.
