Bittensor Bulls Eye $240 as Whale Activity Surges

Bittensor's price has surged over the past three days, breaking above key resistance levels and sparking hopes of further gains. The token's recent move has pushed it above both the 20-day and 50-day EMAs, with a strong close above $202.50 that had held for weeks.

The bullish momentum has been fueled by increasing whale activity, with large orders being placed around the current trading price of $TAO. This is backed up by on-chain metrics from CryptoQuant, which show a surge in Spot Taker CVD data, indicating a stronger buyer dominance and aggressive buying pressure.

The Open Interest in Bittensor has also risen sharply, increasing 12% to $140.2 million. This suggests that traders are positioning for a further bullish rally, with the increasing open positions providing volatility and momentum for the token's price. The rising volume of trades, now at $128 million, is another positive sign, validating the breakout and giving buyers enough momentum to challenge higher resistance levels.

Looking ahead, if Bittensor can sustain its break above the 50-day EMA, it could expose the token to further gains towards $240. However, the token remains within a broader bullish flag pattern that has held since March, making the next key zone for buyers the $205-$220 range.