AI Track Leader TAO Price Prediction: $25 million in new funds pouring in, targeting the annual high of $588.

Bittensor's native Token TAO recorded a 12% rise in the past 24 hours, due to breakthroughs in the investigation of its $28 million hacker incident in 2024, restoring investor confidence. With $25 million of new capital flowing into the derivation market, TAO is challenging the key resistance level of $447. Analysts predict that once it successfully breaks through, TAO will further surge towards $476 and is expected to set a new annual high of $588, marking the AI leader coin's escape from the recent 44% pullback shadow.

Hacker Incident Investigation Reveals Truth: Reshaping Investor Confidence in TAO

As a leading AI concept Token, TAO has regained market attention following a significant 44% pullback in recent weeks, with the latest developments in the investigation of the Hacker incident.

· Survey results: A detailed post-analysis published by on-chain detective ZachXBT shows that the $28 million hacker attack involving 32 TAO holders in 2024 was carried out by a former Bittensor employee.

· Optimism Boost: As the civil lawsuit against the former employee is ongoing, this positive development is quickly reflected in the price recovery of TAO, and investors have regained optimism about the project's security and governance.

· Community sentiment shifts: On October 17, about 74% of investors in the community were optimistic about TAO, and this proportion has now risen to 86%, indicating that more capital is expected to flow into this asset.

Derivation Market Strong: Bulls Dominate and Spot Profit Taking

TAO performs strongly in the derivation market, providing a liquidity foundation for further price rise, despite short-term selling pressure in the spot market.

· Open Interest Soars: According to data from CoinGlass, the Open Interest, which represents the total value of unsettled derivation contracts, surged by 9.95% to reach $26 million.

· Funding rate is positive: The funding rate remains in positive territory, indicating that most new contracts are long positions, and traders generally expect prices to continue rising.

· Spot selling pressure: However, spot investors have been taking profits continuously over the past two days, resulting in moderate selling pressure. The total sell-off amount has reached 5.25 million dollars, suggesting that the behavior of short-term holders may trigger additional downward volatility.

Technical Outlook: $447 is the final threshold to the annual high.

Technical analysis shows that TAO is currently at a critical crossroads, about to determine its short-term and mid-term trend.

· Key resistance level: Based on Fibonacci pullback levels, TAO is currently trading near the resistance line at 447 dollars. This area may temporarily suppress the price.

· Potential pullback: If it fails to break through 447 dollars, the price may retest lower support areas.

· Upside target: However, if the bullish momentum continues, TAO will break through $447 and push upward to the next resistance level of $476.

· Annual new high vision: 476 dollars is the last significant obstacle before TAO sets a new annual high of 588 dollars.

Momentum indicator supports breakthrough

· RSI Rising: The Relative Strength Index (RSI) and other technical indicators show that momentum is rising, indicating that TAO may soon break through its current resistance level.

Conclusion

Bittensor Token TAO has successfully restored the confidence of institutions and the community after resolving a long-standing Hacker incident, and has received a substantial influx of derivation funds. Currently, the $447 resistance level is a key point for TAO to validate its rebound strength. If the bulls can maintain the current strong momentum and break through this threshold, TAO is expected to reach a new annual high of $588 amid the continued popularity of the AI sector.

Disclaimer: This article is for news information only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make decisions cautiously.