Bittensor (TAO) has seen significant bullish momentum recently, pushing its price above the $600 mark.

This ongoing rally follows a breakout from a bullish pattern that had been developing for three months, starting in mid-September. TAO is now nearing validation of this pattern, with the potential for further gains ahead.

Bittensor Has Solid Support

The market sentiment around Bittensor is extremely positive, as evidenced by the surge in Open Interest over the last 24 hours. Open Interest, which measures the combined value of all open contracts in the futures market, hit an all-time high of $180 million. This influx of trader inflows signals strong confidence in TAO’s price potential as more market participants place bets on the asset’s continued rally.

The rise in Open Interest is typically viewed as a bullish indicator. With capital flowing into TAO futures contracts, the market appears to believe that the rally is far from over. This heightened interest could help sustain upward momentum, pushing the price further and validating the bullish pattern in play.

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From a macro perspective, Bittensor’s technical indicators suggest that the rally could continue. The Relative Strength Index (RSI), used to gauge the strength of price trends, is currently holding in the bullish zone. While the RSI previously entered the overbought territory, over 70.0 in September, it has since cooled off slightly while remaining well above neutral levels.

This positioning indicates that while some overbuying pressure has been alleviated, the bullish momentum remains intact. The RSI’s current reading suggests that TAO still has room for further gains, reinforcing the broader market sentiment that the price increase could continue.

TAO Price Prediction: Stretching Arms

TAO is currently trading at $554, nearing the $642 target set by the bullish ascending triangle pattern that has formed over the last four months. This pattern suggests a potential 79% price rise upon breakout; a target TAO is approaching.

The combination of strong market sentiment and technical indicators supports this bullish outlook. If TAO can breach $642 and maintain $600 as a support, the rally is likely to continue, further validating the bullish thesis.

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However, failure to breach this key resistance could trigger profit-taking among investors. In such a case, TAO could see a drawdown of $492. If this support level is lost, the bullish outlook would be invalidated, and the price might fall further to $418.

Tech billionaire Elon Musk attended a rally for Republican candidate Donald Trump on October 5, stirring significant market reactions, especially among meme coins linked to the former president.

The event took place in Butler, Pennsylvania, the site of an attempted assassination of Trump in July.

Dark MAGA Meme Coin Jumps 227%

Musk, the owner of social media platform X, arrived at the rally wearing a black blazer, an “Occupy Mars” shirt, and a black MAGA hat. His appearance marked an important moment in his growing political involvement in the impending US November elections.

Observers noted Musk’s attendance at the rally highlights his strengthening ties with Trump. Trump previously mentioned that he would appoint Musk to head a government efficiency commission if re-elected. Meanwhile, Musk has emerged as a prominent Trump supporter, even hosting the former president on a live X Space session in August.

At the rally, Musk encouraged the crowd to register and vote in November, calling it “the most important election of this lifetime.” He stressed the urgency by urging attendees to get others involved in the voting process.

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During his speech, Musk referenced Dark MAGA, a meme coin inspired by Trump. After his remarks, Dark MAGA’s value surged by 227%, reaching approximately $0.0073. Other meme coins also experienced gains. MAGA (TRUMP) rose 3%, Doland Tremp (TREMP) spiked 10%, and Super Trump (STRUMP) increased 5%.

“As you can see, I’m not just MAGA. I’m dark MAGA,” Musk stated.

Meanwhile, this rally in meme coins comes as election odds on platforms like Polymarket shift. This reflects a close contest between Trump and Vice President Kamala Harris.

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According to Polymarket, Trump has a 50.4% chance of winning, while Harris’s odds are 48.5%. This is the closest contest the platform has seen since mid-September, highlighting the uncertainty surrounding the upcoming election.

Solana’s (SOL) price recently dropped to $143, raising concerns about its recovery amid the current market conditions.

However, based on Solana’s historical performance and market trends, this could present a promising opportunity for long-term investors to accumulate SOL at this level.

Gains Ahead of Solana 

Solana’s Sharpe Ratio, a measure of risk-adjusted returns, is showing a familiar pattern. Every time the ratio turns deeply negative, Solana’s price rallies. This week, the Sharpe Ratio again dropped into negative territory, hinting at the possibility of an upward price surge. 

Historically, a negative Sharpe Ratio has signaled that the altcoin is oversold, attracting buyers and driving the price higher. This pattern could repeat itself, providing investors an opportunity to accumulate SOL before its next potential rally. As indicated by the Sharpe Ratio, the current market sentiment suggests that Solana could see renewed momentum in the coming weeks.

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The overall macro momentum for Solana is also showing positive signs. Initially, traders turned bearish as SOL’s price declined, anticipating further drops. However, this sentiment has since shifted, and traders have become bullish again. The renewed optimism reflects growing confidence in Solana’s ability to recover and rally.

This shift is supported by broader market conditions and the historical patterns noted in Solana’s Sharpe Ratio. The convergence of these factors suggests that Solana is in a position to regain its lost momentum and start climbing again.

SOL Price Prediction: Barriers Ahead

Solana’s price remains above the crucial $140 support level, which is a positive indicator for continued recovery. Holding this level is essential for SOL to attempt a breakout, particularly as it targets $161 once again.

Given the current market conditions and positive indicators, Solana’s price could see an uptick if it manages to break through the $155 barrier. Breaching this resistance would pave the way for a rise back to $161, marking a solid recovery for the altcoin.

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However, if Solana fails to break $155, it could experience a pullback to $140. While this would still offer short-term gains for investors, it would invalidate the bullish outlook, leaving SOL holders vulnerable to further losses. Maintaining support above $140 is key to sustaining the upward trajectory.