Bittensor surges 18% in a day: TAO can sustain the rally only IF… – BitRss

• Open Interest surge and Coinbase listing boosted TAO ($451.64)’s momentum and investor confidence.
• Social Volume and liquidations showed strong market support for continued upward movement.

After breaking out from its descending wedge channel, Bittensor [TAO] has caught the attention of traders and analysts alike, as it continues to show impressive upward movement.

At press time, the token was trading at $450.87, reflecting an 18.92% price increase in just one day.

As TAO tests key resistance levels, the market eagerly awaits whether it can maintain this upward momentum or face a period of consolidation.

Open Interest rise: What does it mean?

Open interest (OI) for TAO has surged by an impressive 30.81%, reaching $221.98M. This surge indicates that investors are increasingly confident in TAO’s potential for further gains. 

When OI rises, it signals that more capital is flowing into the market, which can provide liquidity and contribute to sustained upward momentum.

How will Coinbase’s listing affect TAO?

Coinbase’s announcement…