The decentralized blockchain network Bittensor and its native token TAO have shown significant growth momentum over the past month, consistently outperforming major cryptocurrencies like Bitcoin and Ethereum across all time frames.

Designed with decentralized finance (DeFi) in mind, TAO has broken through the $400 mark, up almost 45% in the past month and up an impressive 695% year-over-year.

Analysts are positive about the future potential of the token, especially considering that TAO reached an all-time high of $757 earlier this year. Many market experts believe that TAO could approach this price level again before the end of the year.

Keys to Bittensor’s Price Rally

Altcoin Miyagi technical analyst commented on recent price fluctuations, noticing that Bittensor has quickly broken out of liquidity zones and is approaching the key $450 target. It predicts a compact correction and some volatility before the price continues to rally towards $600.

Miyagi also highlights the upcoming “artificial intelligence (AI) season,” which he believes will augment investor interest in TAO and lead to further price increases. This optimism is rooted in Bittensor’s goal of developing a decentralized Artificial Intelligence Production.

According to on the official Bittensor website, TAO is a decentralized currency that powers AI production in subnets. These interconnected subnets facilitate profitable interactions by allowing different AI entities to share and improve their capabilities.

Supporting this positive forecast, analyst Dread Bongo highlights the transformative impact of AI on various sectors, noting that the pace of change is rapidly accelerating.

Analyst I quote innovations from both AI startups and established companies, including the recent launch of a record $30 billion fund by asset manager and cryptocurrency exchange-traded fund (ETF) issuer BlackRock and Microsoft to strengthen AI infrastructure.

Bongo thinks that Artificial Intelligence SectorCurrently ranked 30th on CoinGecko, it is significantly undervalued and poised for growth. He predicts that AI in the cryptocurrency space could rival established categories like Layer 1 protocols, sharp contracts, and stablecoins.

In this context, Bongo argues that TAO is well-positioned to capture a significant share of the AI ​​market, paving the way for potentially significant profits in the future.

Analysts Eye TAO Target $1,000

Currently trading at $415, TAO has seen a rise of over 43% in the past seven days and a 10% augment in the past 24 hours. Despite these results, the token remains about 45% below its all-time high in April.

Crypto Pirates Market Analyst Has excellent that TAO recently broke out of a 100-day consolidation period following its recent correction. After peaking, the token experienced a drastic decline, losing over 80% of its value and falling to as low as $163 during the broader market crash on August 5.

However, according to Crypto Pirates, the ongoing rally could signal the beginning of a major uptrend for the TAO token.

EyeofCyber ​​analyst, adding to the bullish mood, expressed confidence that TAO could hit the $1,000 milestone as early as next week. He emphasizes that Bittensor is at the forefront of decentralized education, stating, “Everyone WANTS $TAO.”

Despite this optimism, market behavior often includes corrections after sturdy price gains. Pullbacks may occur in the coming days, making it crucial for TAO to hold lower support levels to maintain the current uptrend and achieve further price gains.

Featured image from DALL-E, chart from TradingView.com