Bittensor's native token TAO climbed sharply on March 13, gaining more than 13% within 24 hours to trade near $230 and hit an intraday high close to $235 — its strongest level since late January. The rally unfolded as Bitcoin approached the $72,000 mark during early Asian trading, lifting sentiment across major altcoins and sector-specific tokens.
The broader cryptocurrency market's strength provided a tailwind for AI-focused digital assets, with multiple tokens in the sector recording double-digit gains as traders rotated toward projects tied to decentralized computing and machine learning infrastructure.
AI Token Sector Sees Broad Gains With Render and FET Leading
Among AI-linked tokens, Render advanced roughly 20% to around $1.84, while the Artificial Superintelligence Alliance token FET surged approximately 22% to trade near $0.19. Internet Computer gained about 8% and hovered around $2.73. The synchronized move underscored renewed demand for blockchain projects riding the artificial intelligence narrative, as technology themes increasingly intersect with crypto infrastructure development.
U.S. Treasury Authorizes Russian Oil Purchase to Ease Supply Concerns
The crypto rebound coincided with supportive macro policy signals. U.S. Treasury Secretary Scott Bessent announced authorization to purchase stranded Russian oil cargoes already at sea in an effort to stabilize global supply. Officials framed the step as a temporary measure designed to calm energy markets without materially benefiting Russia. The announcement helped ease investor fears about potential inflation shocks, improving risk appetite across financial markets and pushing Bitcoin higher, which in turn lifted altcoins including TAO and other AI tokens.
TAO Breaks Key Moving Averages; Ascending Triangle Targets $300
Technical indicators reinforced the bullish momentum. TAO moved above its 50-day and 100-day simple moving averages, often viewed as signs of strengthening trend. The relative strength index (RSI) and MACD both suggested buyers remain in control. Analysts highlighted a breakout from an ascending triangle pattern that formed near the $198 level. If the price holds above $238 on a daily close, momentum could carry TAO toward the $300 to $315 range. Support levels sit near $215, with deeper support around $174.
On-Chain Signals Show Cautious Recovery as Short-Term Holders Remain Underwater
Despite the price surge, blockchain metrics suggest the recovery lacks broad-based demand. Data from Glassnode shows that the supply held by short-term holders in profit remains below the 50% threshold — a level analysts view as an indicator of weak demand among recent buyers. When most short-term holders remain at a loss, risk appetite across the market tends to stay restrained. Additionally, geopolitical tensions near the Strait of Hormuz and rising recession probabilities for 2026, as indicated by predictions on Kalshi, add layers of macroeconomic uncertainty.