- TAO holds above $360 support as buyers eye further upside targets.
- Token unlock impact remains modest amid increasing institutional crypto inflows.
Bittensor (TAO) is undergoing a linear token unlock between May 5 and May 12. Data from Tokenomist shows that the token unlock spans a seven-day window, gradually releasing 50,400 TAO tokens into the market.
According to the report, the unlock value is $17.38 million. This represents just 0.59% of the asset’s circulating supply, suggesting a manageable impact on price dynamics.
Analysts noted that, compared to other token unlocks, TAO’s release remains moderate. Market reaction has also been relatively muted, with the unlock taking place alongside broader crypto inflows. TAO’s recent performance indicates that the upcoming release has not significantly affected investor sentiment.
TAO/USDT Confirms Breakout Above Descending Channel
Captain Faibik’s recent analysis shows that TAO broke out of a multi-month descending channel in mid-April. This structure had contained the token since late 2023, with a sequence of lower highs and lower lows. The breakout was followed by a strong surge in price from under $250 to over $400.
Since the breakout, TAO has been consolidating just above the former channel resistance. The current price action forms a potential bull flag, often viewed as a continuation pattern.
However, the projection box on the chart suggests a possible 42% move upward from the breakout level. This points toward a target in the $580 to $600 range, provided support at $360–$380 holds.
Analysts say that this structure signals a shift in trend. The bullish outlook remains valid if TAO trades above the new support zone.
Institutional Inflows Bolster Market Confidence
In addition, CoinShares recently reported that digital asset investment products saw $2 billion in inflows last week.
Coinshare data marks the third straight week of positive movement, bringing the three-week total to $5.5 billion. The increase follows a period of outflows earlier this year, signaling a return of institutional interest.
TAO appears to be riding this wave of renewed capital injection. The asset continues to consolidate above its previous resistance and is now acting as support. Market analysts link this consolidation to a developing bullish flag, which, if confirmed, could trigger a further price move.
At press time, Bittensor (TAO) ‘s price was $367.08, reflecting a 6.94% gain over the last 24 hours.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
