Bittensor [TAO] Rises 12% Amid Hack Resolution: Future Prospects

Key Insights

What Led to TAO's Recent Surge?

Following the resolution of a $28 million hack investigation, Bittensor [TAO] saw a 12% increase, buoyed by restored investor confidence and $25 million in fresh capital inflows.

TAO's Future Price Trajectory

TAO currently faces resistance near $447. A successful breakout may propel it towards $476, with a potential peak at $588 this year.

Investigation's Impact on Investor Sentiment

Recent updates on the hack investigation have reignited optimism. On-chain analyst ZachXBT revealed that a former Bittensor employee was behind the attack affecting 32 holders. The ensuing civil lawsuit has positively influenced TAO's market recovery.

Market Sentiment and Technical Analysis

Community sentiment has turned bullish, with investor confidence rising from 74% to 86%. In the perpetual futures market, open interest increased by 9.95% to $26 million, while positive funding rates indicate a preference for long positions. However, spot investors have been taking profits, contributing to some selling pressure.

Technical analysis suggests TAO's price is hovering near a critical resistance level. A failure to break past $447 might lead to a retest of lower support zones, but continued bullish momentum could see it reach $476, moving closer to a new annual high of $588.