Here’s why TAO’s 60% March price hike is NOT the real story!

Bittensor [TAO] is back in focus! However, while the rally of this month might look familiar on the surface, there may be bigger things at play this time.

TAO marches ahead

The token climbed up over 60% from its local lows, and briefly pushed towards the $300-mark. The uptrend remained intact, with higher highs and higher lows forming on the daily chart. This, despite the RSI starting to slow down from a near-overbought range.

Derivatives numbers looked a lot more cautious though.

The Aggregated Open Interest (OI), for instance, indicated that fresh leveraged positions have not been aggressively chasing the rally. Meanwhile, Funding Rates have been in slightly negative territory, with a bias towards short positioning despite the price strength.

TAO’s rally has been caused more by spot demand than leverage, and that’s often a sign of a healthy move... at least in the near term.

Supporting this trend are some key changes. With emissions now flowing into subnet liquidity pools and incentive mechanisms reducing reward exploitation, sell pressure has calmed. With more controlled emissions, these changes might be creating a solid foundation for TAO’s ongoing rally.

Beyond the price

Subnets are beginning to generate tangible value across multiple sectors, from AI inference and decentralized training to enterprise-grade computer vision. In fact, early revenue signs are starting to emerge as well.