Bittensor (TAO) has emerged as one of the market’s strongest performers this month, rallying roughly 73% over the past 30 days even as larger cryptocurrencies staged a more modest recovery.
NVIDIA Nod Fuels TAO RallyMarket analyst Alex Carchidi argues that a key catalyst was public recognition from a major tech figure. NVIDIA CEO Jensen Huang recently acknowledged decentralized AI training — the core use case Bittensor champions — as a practical approach after hearing about the project’s latest technical milestone.
Bittensor’s most recent achievement centers on its Templar subnet, which reportedly trained Covenant‑72B, a 72‑billion‑parameter LLM, through a decentralized collaboration involving more than 70 contributors using commercially available hardware.
Bittensor At Risk If Subnets Don’t ScaleStill, he cautions that the project faces a critical shortcoming: so far, its subnets have not demonstrated robust, sustainable demand that translates into meaningful external revenue.
Across the entire Bittensor network, demand‑side revenue ranges from approximately $3 million to $15 million a year, set against a token market capitalization near $3.3 billion.
Cardichi concluded that those figures create what he deems as “a valuation mismatch” that could put TAO’s price at risk if the subnets fail to scale revenue significantly.
Key Price Levels To WatchTechnical levels add another layer to the outlook. TAO was trading around $308 at the time of writing, with immediate resistance positioned near $315 after failing to consolidate above it during last week’s rally.
However, last week’s inability to breach mid‑term resistance at $378 contributed to the pullback to $308, leaving TAO almost 60% below its all‑time high of $757.
Featured image from OpenArt, chart from TradingView.com
