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Bittensor price breaks above $260, technical indicators show upward potential
CryptoWorld News reports that Bittensor (TAO) broke through $260 during the trading session on May 1st, with the current price around $263.19, up nearly 5.7% in the past 24 hours. The token has been consolidating between $235 and $275 over the past week, indicating potential for a recovery trend. Despite the recent rebound, TAO remains well below the over $500 high at the end of 2025, but its price structure has improved since mid-February, forming higher lows. Increased trading activity suggests market participants’ interest is rebounding. NVIDIA has staked approximately $420 million worth of TAO, demonstrating industry giants’ confidence in decentralized AI infrastructure. Grayscale and Bitwise have also applied for TAO spot ETFs, with decisions expected in August. With these applications anticipated, early capital inflows are beginning to attract investments. On-chain data shows that over 70% of the total TAO supply is currently locked in staking, significantly reducing circulating supply on exchanges, which could amplify the potential for price increases.