Bittensor's TAO token climbed above $285 on October 16 after a double-digit daily gain. A broad market rebound and a protocol update that widens subnet capacity coincided with the move, and several X users now post bullish forecasts.
The popular altcoin TAO surpassed $285 after a double-digit daily increase, which sparked optimism that its rally could continue in the near term. The token performed well on October 16, largely because the wider market recovered.
Market rebound and a protocol update
Bitcoin reclaimed $82,000 and Ethereum rebounded to around $2,450 the same day. However, another catalyst tied to the asset's ecosystem could also be in play.
Bittensor's team revealed Null Consensus, a major protocol update that expands subnet capacity from 256 to 2,500 participants. The update introduces a new way to determine miner rewards and gives subnet owners an alternative to Yuma Consensus.
It also adds optional proof-of-work registration. Miners can join subnets without spending TAO upfront and solve a computational challenge with their hardware instead of paying a fee.
Traders post bullish forecasts
The asset has drawn numerous bullish predictions lately. X user Michael van de Poppe started to like TAO's chart even more because he sees "a clear bullish structure."
Another X user, Lucky, recently envisioned a potential increase toward $350-$400 by the end of the year. Sjuul | AltCryptoGems claimed the price has been consolidating within a range since the summer of 2024, and that this could give way to a major expansion if macro support levels continue to hold.
Source: CryptoPotato
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